Expert RA

Deloitte and Expert RA have held the first set of seminars

May 21th, 2008

The first set of Deloitte and Expert RA joint seminars took place in April 2008. Key topics: selling insurance products through banks and competitive motivation and compensation systems for agents and sellers. Top managers from the Russian insurance companies were present at the meeting, moderated by Aleks Korogodsky, partner and head of Deloitte insurance practice in CIS, and Pavel Samiev, Expert RA, department of rating of financial institutions; Caroline Gardner, Deloitte director in GB made the main presentation.

According to Pavel Samiev, the bank insurance market grows faster than the bank market in general. Total bank insurance collections (Expert RA) exceeded 70 bln rubles with annual increment to be 75%. The share of bank insurance voluntary types (including OSAGO) made an important increase, too. 2007 premium collections achieved 14.8% - 5 percentage points over 2006.

Bank sales in Russia, according to the seminar participants, are limited by too rigorous stand of the state bodies, including Federal Antimonopoly Service. Caroline Gardner said the problem was never at issue in GB: “GB banks may choose an insurance company at their own discretion. Banks want the insurance companies’ services to correspond to their brand. Insurance companies are often prohibited to make partners with banks”.

Aleks Korogodsky mentioned the necessity of complex approach to better motivate insurance agents and sellers. “Sellers can not increase efficiency without business structures and business-processes. You need to make investments”. Caroline Gardner: “statistically more advisers and sellers in GB bring less per capita value. You have to work with individuals”.