The dependence of the insurers from the banking network continues to grow. However, the trend toward the transformation of banks into financial supermarkets are characteristic not only for Russia: integration of credit institutions and insurance companies have long been held in developed countries, now this model is spreading to emerging markets.
But if life insurance and in accident insurance cases, the growth of premiums is provided by all categories of sellers in the segment of property insurance of citizens banks drove agents-physical personswho in 2017 gathered at 1.4 billion lower than a year earlier. In 2018 Bank sales in the segment of property insurance was greater than other intermediary channels.
Benefits and shortcomings
On the one hand, the simplicity of buying cheap box products, time saving, no need predstrahovaya inspection give banks the advantage over traditional agents in the non-life segment, while in life insurance to the forefront the qualifications of the employees, which should be high enough so that they could sell such a complex insurance products.
On the other hand, European customers, in addition to the convenience, benefit including in the tariffs by reducing the cost of insurance companies. Commissions of the intermediary banks for the sale of insurance policies in Europe is 7-15%.
In Russia the situation is the opposite: banks get a much higher Commission than agents and brokers, and their share in the cost of the product up to 50%. In the result of a Commission for the sales of insurance policies account for approximately 8% of the profits of credit institutions. In 2016, the banks received from insurers 77 billion rubles, in 2017 – 97 billion for 9 months of 2018 84 billion.
From the point of view of business owners, the difference is small: given the fact that most of the major insurers is included in the same financial group sells banks “profit center” is simply shifted from the insurance to the credit organization. But it pays for all insured.
For insurers, the banking channel remains profitable because of the high cost of attracting and retaining policyholders kompensiruet low loss ratio. However, the insurers are trying to optimize the relationship with the intermediary banks. This allowed them to reduce Commission fees for the main types of banking sales insurance life, casualty, property of individuals and financial risks.
Risk and opportunities for clients
The creation of an agent network requires significant time, operating and financial costs through the sale of a banking organization much easier. However, there is a high probability that the agent Bank will become the dominant party in the relationship with the insurance company and will dictate the terms of cooperation.
Failure causes the loss of a significant part of the business, as, for example, the company “Kapital life Insurance of Life” (formerly “Rosgosstrakh-Life”), which has lost the ability to sell policies through the offices of the Bank “FC Opening”.
A conflict of interest between the insurer and the Bank in addition to inflated commissions lies in the aggressive marketing, the imposition of insurance in the provision of credit, messaline in the life insurance segment. Suffer from it are themselves the clients of the banks, which are increasingly complaining to the Central Bank for misrepresentation in the sale of insurance policies.
Despite the fact that the banking channel remains one of the most expensive in the next 3-5 years he will remain the main segments of life insurance, accident insurance and insurance of property of citizens.
In the long term, alternative banking, and other channels will be the Internet. While the volumes received through online sales of small premiums, but in the future they c a high probability, displace offline intermediaries.
The increased availability of information will have a bad service for insurance agents and intermediaries in the face of financial consultants will remain for complex or niche products.