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Bancassurance-A Model for Collaboration in the Insurance Banking Field and Potential Market for millions.

The general director of GPI Holding Paata Lomidze, talked about a successful model of Bancassurance in European insurance and financial industry on the “ First” TV channel.

According to him, it is beneficial to consider this model not only for insurance sector but also banking sector and most importantly for the customers as well. Integration of insurance products in the banking service promotes safety of bank clients and increases their loyalty. The clients buy unique insurance products, which make them feel safe and protected in a long term. On the other hand, the risks of insurance management and administration difficulties are the responsibilities of the insurance company.

“We were the first ones who started to introduce similar products in few banks and presented few innovative products such as insurance of the credit fees and salary insurance”- declared Paata Lomadze.

Paata lomadze claims that bank insurance brings 30%-40% of the entire income for European banks.

GPI holding is planning to introduce Bancassurance model more widely and they are going to discuss it on 19th of October on the international conference with “ Vienna Insurance Group”. The conference will be held in a hotel Baltimore and all the leading banks leaders will attend the event.  Austrian reporters and experts will talk about the concept of the Bancassurance and perspectives of its development and they will share their western experience about the collaboration of insurance companies with banks in European countries and the United States.