Innovative development of banks and insurance companies cooperation in the countries of Asia

  • Vitaliy Kucherenko Kiev National University of Trade and Economics
  • Viktor Trynchuk Kiev National University of Trade and Economics
Keywords: bancassurance, bank, insurance company, insurance products, new business premium, bancassurance agreements

Abstract

The subject of the study is the totality of economic relations associated with the integration processes of banks and insurance companies in the financial market. The main goal of the research is to determine the features of innovative development and generalize the experience of cooperation of banks and insurance companies in the context of globalization in the financial markets of Asia. Methods of research. The study is based on the use of statistical data on the state of development of bank insurance in Asian countries, scientific works of domestic and foreign scientists. The set of scientific methods of analysis, synthesis, generalization, and approaches is applied in the work, including: system, comparative, historical, which allowed to realize the conceptual unity of the research. Results of the work. The article reviews the development of bank insurance in Asian countries, highlighted the most important current trends of innovative development of cooperation between banking institutions and insurance companies. It is proved that the world market of bank insurance acquires more and more importance and has a positive dynamics of growth rates. On the financial market, yearly bank insurance agreements are concluded that allow insurers to enter new markets and win customers of banking institutions. Examples of buying insurers by banking institutions are not uncommon. The study determined that bank insurance is designed to ensure the diversification of banking services, to provide opportunities for obtaining additional income for banks, to promote the development of the insurance market by increasing the collection of insurance premiums and to realize the idea of synergy between the two partners. Scope of application of the results. Use in the process of further theoretical research problems of innovative development of bank insurance, as well as in the practice of insurance companies and banking institutions. Conclusions. To perspective markets with high growth rates of the bank insurance channel in the segment of life insurance in Asia and the Pacific, India, Singapore, Thailand, Indonesia, Malaysia should be included, where growth will be stimulated by the entry of large foreign insurance companies and a favorable macroeconomic environment. It has been established that over the past five years in Asia there has been an increase in the number of bank contracts for the distribution of insurance products. In order to diversify services, due attention is paid by banking institutions not only to the lifestyles market, but also to the risk insurance market. It is proved that the determining factor in the further development of bank insurance will be the growth of public confidence in financial institutions.

Downloads

Download data is not yet available.

References

1. 1st ASHK Asia Conference on «Get the Edge» 13 January 2017. Panel Discussion on Bancassurance: Overpriced Fad or Here to Stay? Mr. Edwin Northover, Debevoise & Plimpton, Mr. Alexander Moore, Morgan Stanley and Mr. Mark Saunders, AIA Group [Електронний ресурс]. – Режим доступу : http://www.actuaries.org.hk/upload/File/ASHK%20Asia%20Conference%202017/05_PanelDiscussion.pdf

2. Leigh Allen Keys to Bancassurance Success: Partnership, Innovation and Alignment [Електронний ресурс]. – Режим доступу : http://www.rgare.com/media-center/Pages/Newsletters/EQ_Dec/bancassurance.html

3. Steer Kevin Aggregators & Value Comparators Embrace or Avoid? [Електронний ресурс]. – Режим доступу : http://www.pressreader.com/malaysia/insurance/20160401/282793535587401

4. Rupali Satsangi An analysis ofeffectiveness of bancassurance as a distribution chanel in India// Delhi Business Review. – January - June 2014, - Volume 15, – №1, – 41-52 pg/[Електронний ресурс]. – Режим доступу: http://www.delhibusinessreview.org/V15n1/dbr_v15nd_pg41_52.pdf

5. Bhavna Sharma, Ruchika Bhateja Bancassurance in India: Promising Distribution Network of Insurance Industry //Pacific Business Review International. - Sept 2016. – Volume 1, – Issue 4, – 89-95pg. [Електронний ресурс]. – Режим доступу: http://www.pbr.co.in/September2016/10.pdf

6. Meenakshi Acharya, Hebbar C. K. A comparative study of insurance advisor and bancassurance channel in selling life insurance products in India //International Journal of Scientific Research and Modern Education. – 2016. - Volume I. - Issue II. – 105-108 pg. [Електронний ресурс]. – Режим доступу: http://ijsrme.rdmodernresearch.com/wp-content/uploads/2016/09/127.pdf

7. Volkova V.V. Bankostrahuvannya yak suchasnuy metod minimizatsiyi kredutnogo ryzyku banku / V.V. Volkova, N.I. Volkova //Finansy, uchet, banki. - 2016. - Vip. 1. - S. 54-59.

Author Biographies

Vitaliy Kucherenko, Kiev National University of Trade and Economics

Kucherenko Vitaliy, postgraduate student

Viktor Trynchuk, Kiev National University of Trade and Economics

Trynchuk Viktor, Ph.D., Associate Professor, head of the Department of Insurance 

Published
2017-05-18
How to Cite
Kucherenko, V., & Trynchuk, V. (2017). Innovative development of banks and insurance companies cooperation in the countries of Asia. University Economic Bulletin, (34/1), 308-315. Retrieved from https://economic-bulletin.com/index.php/journal/article/view/187
Section
Finance, Monetary Circulation and Credit