Analysis of Bancassurance Success in Russia

Over the past 6 years, the share of bancassurance (the sale of insurance products through banks) in the overall structure of sales channels of the Russian insurance market has been growing at a rapid pace. As a result of 2017, bancassurance became the leader of the collected premiums and according to experts, the limit of this channel has not yet been achieved. In connection with this activity, there was a need to study the factors that determine the significant positive result of bancassurance, as well as in forecasting further trends of its development in Russia. The purpose of this work is that to reveal the determinants of bancassurance success on the Russian insurance market. Within the framework of the study, the regression model was constructed. This model allows assessing the dependence of bancassurance premiums on factors characterizing the cooperation degree of insurance companies with banks. Based on the results of the obtained model, it was identified that the success of bancassurance on the Russian insurance market is mainly determined by the activity of captive insurance companies, which are still a minority. In turn, market insurers do not use this channel in full, therefore, it is still inappropriate to talk about the overall bancassurance success in Russia.