Given the weak growth in lending, banks began to actively sell insurance products. This year they have already earned almost 60 billion rubles from the sale of policies.
Photo: Mikhail Mordasov / RIA Novosti
The cooperation of insurers with banks is more and more like a business of equal partners. Previously, insurance companies were perceived by banks only as weak side transactions - insurers were required to keep funds in bank accounts to access borrower insurance programs, and commissions from the sale of insurance reached 90% of the policy price.
The situation began to change after the crisis of 2014, when banks faced stagnation in lending. According to the results of nine months of 2016, banks managed to earn RUB 59.8 billion from commissions from the sale of insurance products. Selling policies has become an essential business for the credit sector.
Insurers, in turn, receive from bank sales 23.1% (204.7 billion rubles in the first nine months of 2016) of all fees on the market. This is the second largest sales channel after the agency channel for companies, says Olga Basova, director of insurance ratings at RAEX (Expert RA). Through individual agents, insurers received 237.4 billion rubles for the three quarters of this year. fees (26.8%). At the same time, the average commission percentage for banks, according to the Central Bank, is decreasing (29.1% in the nine months of 2016 against 30.6% a year earlier). However, this figure is still higher than the market average remuneration for intermediaries (21.2%), and the commission of individual agents is about 16.4% of the policy price.
However, this is the official data of the regulator. The real commissions of banks are much higher than the statistics, financiers admit. The type of products most sold through banks is life insurance: accumulative, investment, credit (in the nine months since the beginning of the year, policies have been sold for 124.5 billion rubles). The bank commission on the borrower's life insurance policy is still prohibitively high - 50-90%, on average - 75%, says a market participant (according to the Central Bank, 40.6%).
For accumulative and investment life insurance (LIS; banks offer it as an alternative to deposits), the commission depends on the term of the contract: the longer it is, the higher the percentage of the bank. According to ILI, it is 7-20%, on average -12%, says the financier. For accumulative policies (NSZH), the commission is calculated not from the entire amount of the premium, but from the contribution for the first year: the client makes contributions in installments, and not at a time. For the sale of the UA policy, the bank usually gets from 40% of the amount of the first installment (for a five-year contract) to 120% (for a 20-year contract), says a market participant.
"In the bank VTB income from the sale of insurance and other agency products is about 40% of commission income for retail clients, ”says Natalya Sumakova, head of the bank’s savings and commission products service (VTB24 commission income for the nine months of 2016 amounted to 41.2 billion rubles, follows from the reporting jar). And at Promsvyazbank, insurance commissions amount to up to 30% of the total commission, Natalya Voloshina, director of deposit and settlement products of the bank, cites data (commissions, according to the bank's statements, amounted to 14.3 billion rubles for the first nine months of 2016). In turn, the agency commissions of Sberbank for the nine months of this year increased to 7 billion from 5.1 billion rubles. a year earlier, follows from the reporting (net fee and commission income - 251.7 billion rubles). How many commissions were received for the sale of insurance, the bank did not specify. By the end of the year, Sberbank's income from the sale of insurance, investment and pension products of subsidiaries will grow by more than 40%, according to Maxim Chernin, director of the customer welfare department at Sberbank.
From borrowers to property
For insurers, banks remain a profitable channel, as through them low-loss contracts are sold en masse - policies against accidents (AC) and illness, from job loss, adds Olga Basova. “If an insurer is in the same group as a bank, the “profit center” shifts from the insurance to the credit organization,” explains the head of the insurance ratings department of the National rating agency Tatyana Nikitina. Insurers agree to high commissions, because the tariffs for life insurance and from the National Assembly, as a rule, are too high, admits the president of the All-Russian Union of Insurers Igor Yurgens: “There is a place in the tariff structure for both the bank commission and the income of the insurer.” But recently, banks are ready to reduce commissions in favor of expanding coverage under the policy, Alina Sokolova, vice president of AlfaStrakhovanie, notes.
The dependence of insurance companies on the banking sales channel is heterogeneous, but it is especially noticeable in life insurance. In IC Uralsib, bancassurance takes 40% of the total fees (including life insurance), in AlfaStrakhovanie - about 30%, company representatives say. At the same time, AlfaStrakhovanie-Life's share of the banking channel reaches 70%, which is the same for Rosgosstrakh zhizni. And the universal insurer Rosgosstrakh, with the participation of banks, collected 10% of the premium for three quarters of 2016, said Maria Zybina, vice president - head of the partner sales unit of Rosgosstrakh.
In SOGAZ, bancassurance accounts for 5% of fees, said Damir Aksyanov, Deputy Chairman of the Board. At the "daughter" of the company - "SOGAZ-Life" 28% of the fees for the nine months of 2016 came through banks.
Until 2014, borrowers' insurance was the main source of commission income for banks, says Natalia Voloshina. Since the slowdown in lending in 2014, banks began to look for alternative sources of commissions and found them in the form of selling endowment and investment life insurance, as well as all kinds of “boxed” products. “Boxed” insurance differs from the usual one by unified conditions and a set of risks, and most importantly, it does not require inspection of the property.
In addition to “life” and the National Assembly, insurance for houses, apartments, liability, policies for those traveling abroad, insurance against card fraud and even tick bites are sold through banks, lists Alina Sokolova. The Uralsib insurance holding sells almost all retail products through banks, says Natalia Nekhorosheva, head of the business development department of Uralsib IG.
Home property insurance is the third most popular product in the banking channel after “life” and NA, Igor Yurgens notes. “The interest of bank insurers in this type is due to the fact that it does not require special risk management, special competencies and large investments in business infrastructure and loss settlement, unlike Casco and OSAGO,” he explains.
Property insurance is the most popular "box" sold through VTB24, confirms the first deputy general director " VTB Insurance» Oleg Merkulov (such insurance accounts for 30% of all VTB Insurance policies sold through VTB24). The next most popular is insurance against job loss (22%), followed by children's health insurance and policies in case of diagnosing cancer (18% each).
“Boxes” are standardized products that are not difficult in terms of sales and are in demand in banks,” explains Damir Aksyanov. Non-related sales banking business insurances are developing inactively, he believes, because it requires more time and deeper knowledge in insurance from sellers. Therefore, companies prefer to pack a standard set of risks into a “box”. However, "boxed" products are not the only rate of insurers in cooperation with banks. According to Oleg Kiselyov, president of Renaissance Life, the future of the bancassurance market lies with UA: “The product brings the maximum benefit for the bank and the insurance company and, most importantly, the maximum value for the client - it combines protection in the form of a large insurance coverage, and profitability . While credit insurance only provides protection against risks, ILI is more aimed at increasing capital.”
Partner banks can also become clients of insurers: they insure property, liability of directors and officials, transportation and storage of valuables, ATMs, car parks, Alina Sokolova lists. In addition, banks buy insurance for employees - medical, from the National Assembly, travel. But partnerships with the bank do not give insurers special privileges, Natalya Nehorosheva draws attention. Partnership agreements and the relationship of the insurance company with the client are parallel processes, she explains. When choosing an insurer, the cost of services and their list are taken into account, and other people who take into account other things are responsible for partnership agreements: conditions for clients, commission, product package.
Given the weak growth in lending, banks began to actively sell insurance products. This year they have already earned almost 60 billion rubles from the sale of policies.
Photo: Mikhail Mordasov / RIA Novosti
The cooperation of insurers with banks is more and more like a business of equal partners. Previously, insurance companies were perceived by banks only as a weak side of the deal - insurers were obliged to keep funds in bank accounts in order to access borrowers' insurance programs, and commissions from the sale of insurance reached 90% of the policy price.
The situation began to change after the crisis of 2014, when banks faced stagnation in lending. According to the results of nine months of 2016, banks managed to earn RUB 59.8 billion from commissions from the sale of insurance products. Selling policies has become an essential business for the credit sector.
Insurers, in turn, receive from bank sales 23.1% (204.7 billion rubles in the first nine months of 2016) of all fees on the market. This is the second largest sales channel after the agency channel for companies, says Olga Basova, director of insurance ratings at RAEX (Expert RA). Through individual agents, insurers received 237.4 billion rubles for the three quarters of this year. fees (26.8%). At the same time, the average commission percentage for banks, according to the Central Bank, is decreasing (29.1% in the nine months of 2016 against 30.6% a year earlier). However, this figure is still higher than the market average remuneration for intermediaries (21.2%), and the commission of individual agents is about 16.4% of the policy price.
However, this is the official data of the regulator. The real commissions of banks are much higher than the statistics, financiers admit. The type of products most sold through banks is life insurance: accumulative, investment, credit (in the nine months since the beginning of the year, policies have been sold for 124.5 billion rubles). The bank commission on the borrower's life insurance policy is still prohibitively high - 50-90%, on average - 75%, says a market participant (according to the Central Bank, 40.6%).
For accumulative and investment life insurance (LIS; banks offer it as an alternative to deposits), the commission depends on the term of the contract: the longer it is, the higher the percentage of the bank. According to ILI, it is 7-20%, on average -12%, says the financier. For accumulative policies (NSZH), the commission is calculated not from the entire amount of the premium, but from the contribution for the first year: the client makes contributions in installments, and not at a time. For the sale of the UA policy, the bank usually gets from 40% of the amount of the first installment (for a five-year contract) to 120% (for a 20-year contract), says a market participant.
“In VTB Bank, income from the sale of insurance and other agency products is about 40% of commission income for retail clients,” says Natalya Sumakova, head of the bank’s savings and commission products service (VTB24 commission income for the nine months of 2016 amounted to 41.2 billion rubles ., follows from the bank's statements). And at Promsvyazbank, insurance commissions amount to up to 30% of the total commission, Natalia Voloshina, director of deposit and settlement products of the bank, cites data (commissions, according to the bank's statements, amounted to 14.3 billion rubles for the first nine months of 2016). In turn, the agency commissions of Sberbank for the nine months of this year increased to 7 billion from 5.1 billion rubles. a year earlier, follows from the reporting (net fee and commission income - 251.7 billion rubles). How many commissions were received precisely for the sale of insurance, the bank did not specify. By the end of the year, Sberbank's income from the sale of insurance, investment and pension products of subsidiaries will grow by more than 40%, according to Maxim Chernin, director of the customer welfare department at Sberbank.
From borrowers to property
For insurers, banks remain a profitable channel, since through them low-loss contracts are sold en masse - policies against accidents (AC) and illness, from job loss, adds Olga Basova. “If an insurer is in the same group as a bank, the “profit center” shifts from the insurance to the credit institution,” explains Tatyana Nikitina, head of the insurance ratings department of the National Rating Agency. Insurers agree to high commissions, because the tariffs for life insurance and from the National Assembly, as a rule, are too high, Igor Yurgens, president of the All-Russian Union of Insurers, admits: “There is a place in the tariff structure for both the bank commission and the income of the insurer.” But recently, banks are ready to reduce commissions in favor of expanding coverage under the policy, Alina Sokolova, vice president of AlfaStrakhovanie, notes.
The dependence of insurance companies on the banking sales channel is heterogeneous, but it is especially noticeable in life insurance. In IC Uralsib, bancassurance takes 40% of the total fees (including life insurance), in AlfaStrakhovanie - about 30%, company representatives say. At the same time, AlfaStrakhovanie-Life's share of the banking channel reaches 70%, which is the same for Rosgosstrakh zhizni. And the universal insurer Rosgosstrakh, with the participation of banks, collected 10% of the premium for three quarters of 2016, said Maria Zybina, vice president - head of the partner sales unit of Rosgosstrakh.
In SOGAZ, bancassurance accounts for 5% of fees, said Damir Aksyanov, Deputy Chairman of the Board. At the "daughter" of the company - "SOGAZ-Life" 28% of the fees for the nine months of 2016 came through banks.
Until 2014, borrowers' insurance was the main source of commission income for banks, says Natalia Voloshina. Since the slowdown in lending in 2014, banks began to look for alternative sources of commissions and found them in the form of selling endowment and investment life insurance, as well as all kinds of “boxed” products. “Boxed” insurance differs from the usual one by unified conditions and a set of risks, and most importantly, it does not require inspection of the property.
In addition to “life” and the National Assembly, insurance for houses, apartments, liability, policies for those traveling abroad, insurance against card fraud and even tick bites are sold through banks, lists Alina Sokolova. The Uralsib insurance holding sells almost all retail products through banks, says Natalia Nekhorosheva, head of the business development department of Uralsib IG.
Home property insurance is the third most popular product in the banking channel after “life” and NA, Igor Yurgens notes. “The interest of bank insurers in this type is due to the fact that it does not require special risk management, special competencies and large investments in business infrastructure and loss settlement, unlike Casco and OSAGO,” he explains.
Property insurance is the most popular “box” sold through VTB24, confirms Oleg Merkulov, First Deputy General Director of VTB Insurance (such insurance accounts for 30% of all VTB Insurance policies sold through VTB24). The next most popular is insurance against job loss (22%), followed by children's health insurance and policies in case of diagnosing cancer (18% each).
“Boxes” are standardized products that are not difficult in terms of sales and are in demand in banks,” explains Damir Aksyanov. Sales of non-banking insurance are slow to develop, he says, as it requires more time and deeper insurance knowledge from sellers. Therefore, companies prefer to pack a standard set of risks into a “box”. However, "boxed" products are not the only rate of insurers in cooperation with banks. According to Oleg Kiselyov, president of Renaissance Life, the future of the bancassurance market lies with UA: “The product brings the maximum benefit for the bank and the insurance company and, most importantly, the maximum value for the client - it combines protection in the form of a large insurance coverage, and profitability . While credit insurance only provides protection against risks, ILI is more aimed at increasing capital.”
Partner banks can also become clients of insurers: they insure property, liability of directors and officials, transportation and storage of valuables, ATMs, car parks, Alina Sokolova lists. In addition, banks buy insurance for employees - medical, from the National Assembly, travel. But partnerships with the bank do not give insurers special privileges, Natalya Nehorosheva draws attention. Partnership agreements and the relationship of the insurance company with the client are parallel processes, she explains. When choosing an insurer, the cost of services and their list are taken into account, and other people who take into account other things are responsible for partnership agreements: conditions for clients, commission, product package.
Insurers are selling more and more products through credit organizations
Insurance companies are increasingly choosing banks to sell their products: premiums through this channel grew by 45.6 percent in 2017, to 483 billion rubles, according to Expert RA analysts, while the entire insurance market grew by 8.3 percent. The share of the banking channel in the total amount of contributions increased to almost 38 percent.
The main reason for this rapid growth- in active promotion of investment life insurance (LIS) by banks. This product is often offered by credit organizations as more profitable alternative deposits. The positive dynamics of bancassurance was also influenced by the reduction in interest rates on loans, which led to an increase in demand for them, and hence to an increase in credit insurance. ILI last year accounted for 61 percent of all bancassurance contributions, and life and health insurance for borrowers consumer loans provided another 21 per cent of contributions.
decline interest rates on consumer loans generally affects the growth of credit life insurance, - confirmed the acting. Director General of IC "Sberbank life insurance" Viktor Dubrovin. - In the second quarter of 2018 alone, 9.43 million new loans were issued in Russia for total amount more than 2 trillion rubles. In annual terms, the number of new loans increased by 11 percent, while lending increased by 50 percent.
Until the end of the year, the credit life insurance segment will continue to grow, Dubrovin believes. Russians today, according to him, in the wake of the depreciation of the ruble are psychologically more inclined to large purchases, so as not to lose the purchasing power of their existing savings. Therefore, many citizens who were going to buy an apartment or a car in the medium term are likely to decide to do it now, including by resorting to a loan. As a result, the volume of credit life insurance will also increase, since it provides the necessary financial "safety cushion" for borrowers. For example, in Sberbank, more than 70 percent of mortgage borrowers draw up a protective policy.
The share of credit life insurance of the borrower (including consumer loans, mortgages and auto insurance), which had a significant impact on the market at the stage of its formation, will be about 29 percent by 2019, predicts CEO"Ingosstrakh-Life" Vladimir Chernikov. - This figure is significantly lower than the share of investment insurance, but nevertheless this segment retains its influence on the market.
The reason for the rapid growth of the banking sales channel is the active promotion of investment insurance
In the coming years, ILI will remain the leader of the bancassurance market and its main driver, but its growth rate will gradually decrease, Chernikov believes. It has to do with exhaustion. client base and the introduction of new industry standards for the sale of insurance products.
It is important that the standards of the insurance industry are also correctly perceived by banks, - the expert stressed. - Reducing the level of misselling and increasing the transparency of insurance conditions can lead to a temporary decrease in sales, but at the same time will significantly improve the quality of the client base. The creation of a civilized insurance market will have a stronger dynamic effect by increasing consumer satisfaction and, as a result, increasing loyalty: the right product will be sold to the right client, which will increase the level of confidence in insurance in general and lead to a significant increase in the level of renewals after the expiration of programs.
The slowdown in the growth of ILI will force banks to pay attention to other insurance products, and in the future, market participants expect an increase in demand for savings programs. In particular, on pension insurance, which enjoys increased consumer attention due to changes in pension legislation.
On the other hand, in the promotion of life insurance products, insurers rely not only on banks, but also on the agent channel. In particular, Capital Life, which now has more than 5,000 agents across the country, plans to double their number by the end of 2019.
We will continue to actively increase and qualitatively develop the agency corps and give priority to the development and implementation of innovations both in classical life insurance and in related areas, - said Evgeny Gurevich, director of the company.
Banks are the most expensive way for insurers to sell protection against accidents and illnesses. According to the Central Bank of the Russian Federation, last year bank commission for this type of insurance increased by 11 percentage points, up to 55 percent of premiums. This is the highest level of commission in the last six years. The commission for life insurance of the borrower and property insurance of citizens also increased. For investment life insurance products, according to Viktor Dubrovin, commissions average 10 percent for the entire period of the contract, which, when calculated for the term of the policy (an average of 5-7 years), is no more than 2 percent per year. This is comparable to commissions on products of management companies, the expert added.
For several years now, the leaders of the bancassurance market have not changed. Now there are dozens of insurance companies operating on the market, while banks are trying to work with several insurance companies at the same time. The market is based on insurance companies that are part of the same group as credit institutions. They account for more than 65 percent of the bancassurance market.
Through banks, insurers are also actively offering packaged products, the most popular being accident and illness insurance programs.
This is a simple product that is clear to both the seller and the client, so it is easy to offer and its value is obvious, explains Vladimir Chernikov. - Recently, clients have also been interested in programs with service components, such as telemedicine services, complex diagnostics of the body and other valuable options. The general trend towards a healthy lifestyle has led to an increase in demand for programs with protection against critical illness, the value of which is obvious to everyone who cares about their health. Such programs allow you to protect yourself and loved ones from unexpected expenses associated with the treatment of oncology, diseases of the cardiovascular system and others.
Products are in the highest demand risk insurance life, - said Viktor Dubrovin. - This is due to the fact that these products are beginning to expand the list of risks. For example, the risky products of Sberbank Life Insurance now cover amateur sports such as caving, contact and martial arts, scuba diving, equestrian sports, and jet skiing. Risk life insurance products are becoming more service-oriented. Now you can use the policy even if it doesn't happen insured event.
According to the forecast of Expert RA, the bank insurance market in 2018 will increase by 37 percent and amount to 662 billion rubles. The main impact on its volumes, according to analysts, will be provided by investment and mixed life insurance, as well as insurance against accidents and diseases. consumer lending and mortgage insurance. Investment life insurance in 2018 will amount to 295 billion rubles (plus 53%), mixed life insurance - 47 billion rubles (plus 18%).
The agency also predicts that the reduction in interest rates on loans will increase the life and health insurance of borrowers of consumer loans up to 137 billion rubles (plus 40 percent), and mortgage insurance- up to 39 billion rubles (plus 25 percent).
Infographics "RG" / Leonid Kuleshov / Irina Ogilko
Buy a property insurance policy in a regular supermarket or a communication store? Yes it is possible. But is it worth it… How do boxed products work, what are their advantages and disadvantages?
About nine years ago in Russian insurance market so-called boxed products appeared - policies with a certain set of the most common risks, fixed sums insured and a price (insurance premium).
At first, policies were “packed in boxes” only in property insurance, where it was easier to standardize insurance terms, but the format was quickly appreciated - it spread to other types of policies. Every year there are more and more such offers, it became possible to add or remove insurance options and choose the appropriate one from several insurance amounts. "Boxes" began to appear even in the most complex forms, such as, for example, investment insurance life, etc.
Typically, an insurance "box" contains 3-5 insurance coverage options and prices. Everyone can choose for themselves best option protection from already “packaged” offers.
The name "box" comes from the "packaging" of the product - insurance is sold in a small paper box brightly designed to attract attention. Probably, many of you paid attention to them in communication stores, banks, shops.
In this box, in addition to insurance policy, it is also an insurance contract, conditions and a memo of the insured are invested. It describes in detail all the nuances of the concluded contract: from the object of insurance, the sum insured, included risks to instructions: what to do if an insured event occurs, where to call, what documents to collect. Also in the "boxes" there are materials for additional services, which insurance companies began to actively include in their products.
If we talk about property insurance, then one of the key advantages of boxed insurance is that a house or apartment does not require inspection and evaluation (no need to waste time meeting with an expert appraiser and letting a stranger go home), it is enough to purchase a policy with the most suitable conditions.
The process of issuing a policy takes no more than 5-10 minutes, since the insurance contract is considered concluded after the client pays for such a box, and from the documents it is enough to present only a passport.
And the most important advantage - the cost of boxed insurance is much lower than classic insurance, since specialists do not go for inspection, standard contracts have already been developed and do not require additional work on examination and approval, there is no need to assess the property or confirm its value - everything is ready and executed in front of you in a few minutes.
All this is good, the “advanced” buyer will say, but how well will the insurance company pay in the event of negative events? The advantage of boxed products is not only quick sale, but also in a quick settlement. Having bought a policy in a “box”, the client can be sure that in the event of an insured event he will be assisted in the amount of the amount he chose to protect his property. For example, if neighbors flood, there is a fire, a robbery or a natural disaster, it will be enough to present a policy and collect a minimum package of documents to receive compensation.
Moreover, some insurance companies with little damage, say in the amount of 100 thousand rubles, can make a payment even without certificates from management company or competent authorities. In this case, it is enough to contact insurance company whose policy was purchased, provide photos confirming the event and write an application for payment.
At the same time, it is important to understand that the conditions and rules of insurance, forms of policies, packages of included risks and exclusions from insurance coverage may be different for different insurers, therefore, when purchasing boxed products, carefully read the conditions and insurance contract, as it may provide for various restrictions.
For example, a certain format for calculating the depreciation of your property may be included in the insurance coverage, a deductible may be added - this is a fixed amount of money deducted from the insurance payment, etc.
The main drawback of the "boxes" is the limitation of the sum insured: you cannot insure a mansion in this format. However, this disadvantage smoothly follows from the main advantage - the cheapness of the product and the ease of its acquisition.
The second drawback is the impossibility to make a change in the set of risks, you will have to choose from the proposed one. If you think that your property is worth much more than the sum insured offered to you or you need to add more risks to the standard list, then it is worth insuring it under the classic program with inspection and individual conditions so that in the event of an unforeseen situation, you can fully compensate for the damage.
But if you want to insure your property quickly, comfortably and inexpensively, then the best option is, of course, boxed insurance.
Their purchase does not involve pre-insurance procedures (for example, valuation of the client's property, departure of a company representative) and the provision of additional information (for example, a medical examination). The product is designed for mass sales, so it has an attractive price.
Policies are sold at the offices of insurance companies, on their official websites, in banks and communication stores. As a rule, the following types of insurance are sold “in boxes”:
Insurance "in a box" attracts buyers with a low price, speed of registration: 10-15 minutes are enough for a purchase, while a regular policy is issued in two or three days. The client does not need to analyze the risks: the insurer includes in advance the probability of an insured event in the cost of the product.
Boxed insurance is the optimal solution for the client of an insurance company, since this product includes a large number of insured events at a relatively low price. The benefits of the product include the following:
Boxed insurances are popular in the market, their characteristics are close to traditional products.
