Bancassurance – financial market factor - Elda Marzai (Albiz)

Prezenta lucrare îşi propune să prezinte serviciul bancar – Bancassurance, precum şi modalităţi de dezvoltare a sistemului bancar în general.

This document aims to present Bancassurance, as well as ways to develop the banking system in general. Bancassurance is a process of using the bank's customer relationships to sell life and non-life insurance products. The reason for choosing this theme is to realize in the future the optimal bancassurance model, on a comparative basis of the relevant legislation in force and international best practices, including case studies and concrete solutions in the development and diversification of banking services. The implementation of bancassurance activity in the banking field contributes to the strengthening of the competitive environment, the development of new products in insurance and the higher satisfaction of the consumer's needs. The implications of banks, with their own peculiarities of insurance, are numerous and the hard work of regulatory bodies at the European and American level of harmonization at international level in these areas is welcoming. The distribution of insurance in the bancassurance system is a future solution and will continue to develop on the Romanian market as well. Bancassurance is the main distribution channel in many countries, accounting for more than 50% of life insurance products (e.g. France, Italy, Spain, Austria), and in Portugal the share goes up to 80%. The strategic priorities of banks are to increase business protection by adding new products to their portfolios. Among the aspects needed to develop this service, bank representatives propose both the diversification of types of insurance sold through banks, as well as the growth of consumer financial education development and digitalization.