The concept of bancassurance and trends in the development of bank insurance in Russia
Importance The research analyzes the evolution and approaches to defining the concept of bancassurance, substance of integration processes between commercial banks and insurance companies. We conduct a retrospective analysis of the bancassurance development in the Russian Federation. Objectives The research specifies the substance of bancassurance, traces back its evolution and identifies current trends in bancassurance development in the Russian Federation. Methods We examined the applied aspects of integration processes between banks and insurance companies relying upon tools of analysis, assessment of the bancassurance market development trends in the Russian Federation, and economic and statistical methods. The information framework comprises data of the Central Bank of the Russian Federation, Federal State Statistics Service, Expert RA Rating Agency, materials of national and foreign sources on the bancassurance development issues. Results We determined steps of integration processes between commercial banks and insurance companies and formulated our own definition of bancassurance, indicating its main characteristics. The article also provides a retrospective analysis of the cooperation between the Russian banks and insurance companies, indicated the current trends in the development of bancassurance in Russia. Conclusions and Relevance The article reports on key trends in the development of bancassurance in the Russian Federation, which should be identified in order to substantiate the effective strategy for cooperation of those financial institutions in the market of financial services, legislative, regulatory and macroeconomic guidance of those processes by governmental bodies so to protect interests of consumers of financial services. The results can be practicable for commercial banks and insurance companies to reach operational synergy, which may lead to increased income and reduced expenses.