Abstract
The purpose of the article is to reveal conceptual frameworks for further development of the banking and insurance interaction in order to ensure the growth of the value of banking and insurance business on account of the more effective use of their potentials and opportunities.It is noted in the article that banking and insurance interaction is manifested as the provision of insurance services through banking institutions – Banсassurance, the provision of banking services through insurance companies – Assurbanking, the provision of integrated services within financial conglomerates – Allfinanz.In the course of the research, it was determined that the banking channel for the sale of insurance services is the most efficient, and Bancassurance is a system of insurance services sale through the extensive banking network. The necessity and importance of the Bancassurance development, which is actively used in all developed countries, but differs in scale, methods, organizational forms and final financial results, is revealed. This is especially relevant in the context of reforming the regulatory bodies of the state financial market.Within the study, the advantages and disadvantages of Bancassurance and the prerequisites for its development are revealed. Particular attention is paid to the requirements to insurance companies in the process of the Bancassurance implementation. It is noted within the article that the interaction of banks and insurance companies can be carried out at different levels, from the level of the cooperation agreement, agency agreement, banking and insurance cooperation, to the level of the corporate control through the mechanism of mergers and acquisitions and financial supermarket.Within the study the conclusions are made that further development of banking and insurance interaction is conceptually aimed at increasing the role of commercial banks and the formation of “financial supermarkets”, in which each customer can meet the needs of bank services, financial consulting, and insurance. JEL classіfіcatіon: G21, G22
Highlights
Insurance of financial risks of banking institutionsProperty insurance in the bank or by transportation Insurance of criminal actions against the bank Electronic and computer crime insurance Professional and employees’ liability insurance Insurance of ATMs and cash in them, etc
Introduction and research problemAt the current stage of economic development, the state supervision of the non-banking sector of the financial market is being reformed in order to ensure transparency, reliability and efficiency of its functioning
Pursuant to the Law of Ukraine “On Amendments to Certain Legislative Acts Concerning the Improvement of Functions on State Regulation of Financial Services Markets”, the National Commission for Regulation of Financial Services Markets was liquidated, and its powers were divided between the National Bank of Ukraine and the National Securities and Stock Markets Commission (Law of Ukraine No 79-IX, 2019)
Summary
Property insurance in the bank or by transportation Insurance of criminal actions against the bank Electronic and computer crime insurance Professional and employees’ liability insurance Insurance of ATMs and cash in them, etc. Mortgage insurance Borrower’s life insurance Accident insurance Income loss insurance Title insurance, etc
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