DOI: 10.5817/FAI2017-2-4 No. 2/2017
49
The Level of Integration of Bancassurance Products
of Financial Groups Erste Group Bank, UniCredit Group
and KBC Group in Selected Countries
Lenka Přečková1
, Eva Vávrová2
1
Silesian University in Opava
School of Business Administration in Karvina, Department of Finance and Accounting
Univerzitní nám. 1934/3, 733 40 Karvina, Czech Republic
E-mail: preckova@opf.slu.cz
2
Masaryk University
Faculty of Economics and Administration, Department of Finance
Lipová 507/41a, 602 00 Brno, Czech Republic
E-mail: eva.vavrova@econ.muni.cz
Abstract: This paper will evaluate the current state of cooperation between banks and
insurance companies as well as internal integration of bancassurance products in
financial groups Erste Group Bank, UniCredit Group and KBC Group. The evaluation is
performed as of September, 2016. There shall be selected ten countries which are
located in Central and Eastern Europe: Czech Republic, Slovak Republic, Poland,
Hungary, Romania, Bulgaria, Croatia, Bosnia and Hercegovina, Slovenia and Serbia.
The aim of this paper is to determine whether or not there is a similarity in integrated
financial products belonging to different financial groups in individual countries. This
paper will apply a qualitative research approach. A theoretical base for evaluating the
level of cooperation between banks and insurance companies and for evaluation of an
internal integration of bancassurance products will be set in the paper. The theoretical
base is to be compared with the current bancassurance practice within financial groups
and countries. To evaluate bancassurance practice, this paper shall use data available
on web sites, financial and annual reports of financial institutions. The qualitative
research is to contain a detailed analysis, sorting and comparison of set theoretical
bases. The financial groups show differentness as far as integration is concerned. The
research led to the conclusion that there is a similarity in bancassurance products
which are offered in evaluated countries. A dissimilarity was found in the level of
integration of bancassurance products.
Keywords: bancassurance product, financial group, insurance group, integration of
group, integration of product
JEL codes: G21, G22
Introduction
Insurance industry and insurance institutions have witnessed many changes over the
past few years. New ways of how products are offered and how they are sold to clients
are some of these changes. It is namely bancassurance and virtual insurance
institutions, i.e. using the internet. Economy is strongly affected by globalization and
banking and insurance industry, or more precisely banking and insurance institutions,
50
are no exceptions. Conducting various money transactions leads to more and more
connections between banks and insurance companies. Their activities and operations
become interwoven. There are now two players conducting insurance operations on
the financial market and insurance market: insurance institutions and banks.
The theory of bancassurance is dealt with by many authors. When studying these
theories, it is necessary to distinguish between those approaching bancassurance from
the product perspective and those doing so from the operation (product sales)
perspective. Both approaches have something in common, however, and that is an
internal integration from the perspective of the bank and insurance product and from
the perspective of the bank and insurance operations. From the product perspective,
bancassurance is often debated about with the term neither being unequivocally
defined nor really accepted. Bancassurance from the operation perspective is related
to how banks and insurance companies cooperate and how this cooperation develops;
it is also related to the creation of variously integrated financial institutions. Authors
offer different theoretical perspectives as well as different ways of sorting these kinds
of integration.
For these reasons, it seems to be essential before to proceed to conduct the research,
to introduce a relevant theory of bancassurance and consequently set a theoretical
base for the qualitative research evaluation of the financial practice. The crucial part
of the qualitative research will be comparing theory and practice. The analysis of
bancassurance functioning in practice requires that information and data is collected
from the financial institutions, which is extremely demanding and difficult. Neither
banks nor insurance companies publish information about bancassurance, as a
distribution channel, in an extent that might be anticipated supposing how much
theory knows about this issue.
The aim of this paper is to determine whether or not there is a similarity in integrated
financial products belonging to different financial groups in individual countries. This
paper wants to discover more about the level of integration of financial institutions
(bank and insurance company) and also financial products (bank and insurance
product). The research will be conducted evaluating the financial groups: Erste Group
Bank (hereinafter referred to as EGB), UniCredit Group (hereinafter referred to as
UCG) and KBC Group (hereinafter referred to as KBCG). The research is primarily
focused on the region of Central and Eastern Europe (CEE). The research will evaluate
countries located in the CEE region in which the financial group EG operates: the Czech
Republic (CZ), Slovak Republic (SK), Poland (PL), Hungary (HU), Romania (RO),
Bulgaria (BG), Croatia (HR), Bosnia and Hercegovina (BA), Slovenia (SI) and Serbia
(RS).
The first part of paper briefly characterizes the selected financial groups from the
perspective of the origin and development of banks’ and insurance companies’
cooperation. It describes and compares banks and cooperating insurance companies
within financial groups from a shareholders’ viewpoint. Next part brings an analysis of
bancassurance practice. The research includes an analysis of bancassurance products
which are offered by banks. Finally, the discussion over ascertained results is provided.
51
1 Literature Review
The bancassurance phenomenon that is unquestionably one of the most important
trends in the evolution of the European financial services industry can be considered
as a consequence of the progressive deregulation of the regulatory barriers to financial
conglomerates (Clipici and Bolovan, 2012). Daňhel, Ducháčková and Radová (2008)
consider creation of financial groups in the Czech Republic as a trend which shall not
be a bank-insurance strategy in the pure form. Daňhel, Ducháčková and Radová
(2007) point out that bancassurance is a significant factor stabilizing business risks of
both sectors. On the other hand, they also mention that bancassurance is a very
specific hinderer of further integration and further development of bancassurance
products may be dependent on increasing number of wealthier clients who prefer more
sophisticated “tailored” products.
According to Čejková, Martinovičová and Nečas (2011), bancassurance is a relatively
new type of services and operations which will probably further develop in the future.
From the clients’ vantage point, a big development in bancassurance may be a step
backwards. The main disadvantages may be found in simplifying and unification of
insurance products. Bancassurance is present in every developed economy and it
opens up an immense space for a non-price competition among banks.
According to Ricci (2012) “It is not possible to identify an ideal form of bancassurance,
because the success of cooperation between banks and insurance companies depends
upon many factors, both market-based and strategic or operational. Bancassurance
can experience alternate fortunes across time and countries, but remains a central
current phenomenon of the modern financial service industry.”
Beltratti and Corvino (2008) emphasize the development of bancassurance can be
influenced by various factors. Banks and insurance companies maintain structural
differences, limited the extent of convergence due to factors as demographics, the
structure of liabilities, the scale of operations, regulation and accounting practices and
distribution channels.
Hoschka (1994) speaks about six key factors which influence banks' decision whether
to enter the life insurance sector. There are: demographic changes, economic
environment, savings trends, differential tax treatment, growth performance and
potential, insurance penetration and saturation.
According to Daňhel, Ducháčková and Radová (2007), the common denominator of all
available definitions of bancassurance is the structured sale of combined financial
products to targeted groups of clients. A very high effectiveness can be found in
internally interconnected bancassurance product which represents an additional utility
value for the end user of such a product as it is tailored for him based on what this
end user needs.
According to Řezáč (2009), bancassurance can be defined as “effective creation and
distribution of bank and insurance products for the common group of clients”. When
selling bancassurance products, the more the insurance products is rooted into the
52
pillar product of a financial institution, the more it will become its organic part and the
better sales it will achieve (Lím, 2012).
Illetško (2003) also warns that the term of bancassurance is often defined and
understood incorrectly. According to him, bancassurance cannot be confused with
what should be referred to as cross-selling. The sale channel of bancassurance can be
understood as a channel of selling the financial product which is internally integrated
with the financial product and it brings an addition utility value for the end client of
the financial institution. The insurance product is sold as a collective policy. An
insurance company and a financial institution conclude a collective policy agreement
which directly specifies conditions of the policy including insurance conditions.
The conclusion (Stracia, 2012) about the actual areas of the bancassurance products
is: “The actual areas concern the life insurance, the payment protection insurance and
the home insurance whereas the new areas are represented by the car insurance, the
travel insurance, the pet insurance and the health insurance.”
Ducháčková and Daňhel (2010) speak about further integration of financial
institutions. Integration of financial institutions can be in the form of a total integration,
a partial integration with a parent universal bank, an integration with a banking or
insurance parent company or a holding structure. The total integration is the highest
form of integration. It means an integration of various financial services within one
company. All activities are then financed using one capital. This form of integration is
more or less constructed by theory. A partial integration with a parent universal bank
leads to an organization of financial conglomerates in which the universal bank covers
commercial and also investment banking. Utilizing daughter companies, this
conglomerates offer other financial services including insurance policies. Integration
with a banking or insurance parent company is a type of organization in which the
parent company owns, either completely or partially, its daughter companies and
through these it provides clients with financial services (investment banking, insurance
policies, other financial services). Finally, a holding structure is a type of organization
in which an independent parent company owns all or most shares in independent
daughter companies and each of them offers independent financial services.
2 Methodology and Data
The research problem originates from the area of bancassurance practice, particulary
from the area of operation of bancassurance models and integrated bancassurance
products. The research tries to discover how bancassurance actually operates whilst
comparing theory with practical conclusions. A theoretical basis, which is related to
the defined problem, shall be set first, and it shall be compared with bancassurance
practice. The evaluation of bancassurance practice shall be based on an analysis and
comparison of information available in annual reports (2015) and current information
found on websites of financial institutions (2016). The research works with nonnumeric
data, analyses practice and compares it with theoretical bases. The aim of
this article and theoretical bases shall be used to form a research questions. This is a
standard procedure used in qualitative research (Punch, 2008; Disman, 1993).
53
The aim of this paper is to determine whether or not there is a similarity in integrated
financial products belonging to different financial groups in individual countries.
Qualitative research replies to a research question related to a defined objective. Is
the level of integration of a bancassurance product of selected financial groups in
individual countries similar? Which countries show the strongest integration of a
bancassurance product? What level of integration of the bancassurance products do
the selected financial groups actually have?
In accordance with Hendl (2005), the qualitative research applied a deductively used
theory relation. The research used conclusions made by Ducháčková and Daňhel
(2010) and by Illetško (2003).
In order to be able to evaluate the integration of the financial group, the sorting
method created by Ducháčková and Daňhel (2010) shall be used. This paper shall
focus on and evaluate bancassurance from the perspective of internal integration as
defined by Illetško (2003).
In order to solve the research questions, the main method of qualitative researches
shall be applied, i.e. analysis – synthesis (Hendl, 2005). There shall be analyzed
financial groups operating in individual countries from the perspective of property
interconnection, and bancassurance products from the perspective of an integration of
an insurance and banking product. The analysis is performed in the area of currently
existing bancassurance practice in individual selected countries. Consequently, all
findings shall be described, and the main principles of how bancassurance practice
operates shall be evaluated.
The first part of this research shall briefly characterize the selected financial groups
from the perspective of the origin and development of banks’ and insurance
companies’ cooperation. It describes and compares banks and cooperating insurance
companies within financial groups from a shareholders’ viewpoint. Data was taken
from the web sites and annual reports of financial institutions as of 2015.
The final part of research shall be in form of an analysis of bancassurance practice.
The research shall include an analysis of bancassurance products which are offered by
banks. Information is taken only from web sites of individual insurance companies as
annual reports do not include this sort of information. Finally, this paper shall discuss
over ascertained results and shall answer the previously set research questions.
3 Results and Discussion
3.1 Integration of the Financial Groups EGB, UCG a KBCG
Erste Bank was founded in 1819 as the first Austrian savings bank. EGB went public
in 1997 with a strategy to expand its retail business into CEE. Since then EGB has
grown through numerous acquisitions and organically to become one of the largest
financial services providers in the Eastern part of the EU in terms of clients and total
assets. “DIE ERSTE österreichische Sparkasse - Bank AG” merged with “GiroCredit
Bank Aktiengesellschaft der Sparkassen” and changed its name in “Erste Bank der
oesterreichischen Sparkassen AG” operating under the name “Erste Bank” in 1997.
54
Customer base was 600.000. The new bank went public at the Vienna Stock Exchange
in November 1997. The important changes were in 2008. The separation of the Holding
and Erste Bank Oesterreich took legal effect. The registered company name of the
Holding is "Erste Group Bank AG". Ever since, the registered company name of splitoff
Erste Bank Oesterreich is "Erste Bank der oesterreichischen Sparkassen AG".
While the banking group’s history dates back as far as 1473, in which year Rolo Banca
was created, the contemporary history of UCG begins from a merger of nine leading
Italian banks, the subsequent integration with the German HVB Group and, most
recently, with the Italian Capitalia. In 1999, acquisition of Bank Pekao of Poland
launched the Group’s expansion (at that time, under the name UniCredito Italiano)
into CEE. Growth continued over the next few years with purchase of the Pioneer
Investments group, the subsequent formation of Pioneer Global Asset Management,
and then further strategic acquisitions gradually carried out in Bulgaria, Slovakia,
Croatia, Romania, the Czech Republic and Turkey. UniCredit merged with the German
group HVB in 2005. By merging in 2007 with Capitalia, the third-largest Italian banking
group, UCG further consolidated and strengthened its position in one of its most
important markets, Italy.
KBC Group was formed in 1998 after the merger of two Belgian banks (Kredietbank
and CERA Bank) and a Belgian insurance company (ABB Insurance). In 1999 the group
embarks upon its policy of expansion in CEE with the acquisition of ČSOB (in the Czech
Republic and Slovakia). The group continues to expand its position in the banking and
insurance markets of CEE by acquiring banks and insurance companies in Poland,
Hungary, the Czech Republic and Slovakia, becoming one of the top three players in
the region’s financial sector (2000 -2005). The bancassurance model is gradually
introduced to the home markets in CEE. The KBC Bank and Insurance Holding
Company merges with its parent company (Almanij) to create KBC Group NV (2005).
KBC Group sold the activity in Poland in 2013. KBC group is essentially structured
around three business units, which focus on the local business and are expected to
contribute to sustainable earnings and growth. The business units are Belgium, the
Czech Republic and International Markets. KBC Group controls two underlying
companies: KBC Bank and KBC Insurance. KBC GROUP NV and its daughter companies
form an integrated bank and insurance group providing services mainly to clients of
retail and private banking, as well as to medium-sized enterprises and to mid-cap
companies.
3.2 Comparison of Integration in Financial Groups EGB, UCG and KBCG
Table 1 compares banks from the viewpoint of ownership within financial groups EGB,
UCG and KBCG. Knowing a financial group and a country, it is possible to locate an
influencing commercial bank and its majority owner. It is obvious from the table that
some financial groups are active only in some of the selected countries. The largest
province is held by UCG (all selected countries). KBCG operates in fewest countries (it
operates only in four of the selected countries).
In each country there is one bank operating within the EGB. In all these countries,
the majority shareholder is EGB which has the smallest share in HR (59%) and RS (74
55
%). In countries HR and RS, Steiermärkische Bank and Sparkasse is the second most
significant shareholder of the bank. In HR, this share represents 41%. In RS, it is 26%.
In each country except BA, there is one bank operating within the UCG. In all countries
(except Poland), the bank is owned by UCB Austria, with a majority share. UCB Austria
is owned by UCG having nearly a 100% share. Bank Pekao (PL) is an exception. It is
owned directly by UCG holding a share of 50.10%. The remaining shares are held by
minority shareholders. HR is the only country with an obvious share of a commercial
insurance company. Zagrebačka Bank (HR) is owned by the Allianz SE group with a
share of 11%. In BA, there are two banks operating within the UCG, one is owned by
UCB Austria, the other is owned by a Croatian Bank, Zagrebačka Bank.
Table 1 Banks and their majority shareholders operating within financial groups
EGB, UCG and KBCG
Country
EGB UCG KBCG
Bank
Main
owner
(>50 %)
Bank
Main
owner
(>50 %)
Bank
Main
owner
(>50 %)
CZ
Česká
spořitelna
EGB
UniCredit
Bank
UCB
Austria
ČSOB KBC Bank
SK
Slovenská
sporiteľňa
EGB ČSOB KBC Bank
PL
Bank
Pekao
UCG
HU
Erste Bank
Hungary
EGB
UniCredit
Bank
UCB
Austria
K&H Bank KBC Bank
RO
Banka
Comerciala
Romana
EGB
UniCredit
Bank
UCB
Austria
BG
UniCredit
Bulbank
UCB
Austria
CITIBANK KBC Bank
HR
Erste&
Steiermärki
rche Bank
EGB
Zagrebačk
a Banka
UCB
Austria
BA
UniCredit
Bank
Zagrebačka
Banka
UniCredit
Bank
Banja
Luka
UCB
Austria
SI
UniCredit
Banka
Slovenija
UCB
Austria
RS
Erste Bank
Novi Sad
EGB
UniCredit
Bank
UCB
Austria
Source: Summarized by authors based on website and annual report of financial institutions
In the financial group KBCG, KBC Bank is the only shareholder (owning 100% of
shares). KBC Bank is owned (100% ownership) by its parent company KBC Group.
Now, it is necessary to present insurance companies which cooperate with banks within
financial groups as well as within countries. Majority shareholders shall be presented
as well. See Table 2.
56
EGB’s cooperation with insurance companies in the selected countries has been based
on a strategic partnership (since 2008) with the insurance group VIG. This
partnership’s consequence is offering bancassurance products. Interconnection of
property (between the bank and the insurance company) is not observable. In five
countries (CZ, SK, HR, HU, RO), Erste Bank owns shares (5%) of the insurance
company. The most observable similarity of how EGB and VIG are organized is in
countries CZ and SK, followed by countries HU and RO.
Table 2 Cooperating insurance companies within the financial groups EGB, UCB
and KBCG as well as their majority shareholders
Country
EGB UCG KBCG
Insurance
company
Main
owner
(>50 %)
Insurance
company
Main owner
(>50 %)
Insurance
company
Main
owner
(>50 %)
CZ
Kooperativa
Pojišťovna
České
spořitelny
VIG
VIG
Generali
Allianz
Česká poj.
AXA
ERGO
Union
CARDIF
Generali CEE
Allianz SE
Generali CEE
SOCIETE
ERGO Austria
Achmena
PNP Paribas
Cardif
ČSOB
KBC
Insurance
SK
Kooperativa
Pojišťovna
Slovenskej
sporiteľně
VIG
VIG
ČSOB
KBC
Insurance
PL
Allianz
ERGO
Allianz SE
ERGO Group
HU
Erste
Union
VIG
VIG
Generali
ERGO
CIG
Generali CEE
ERGO Austria
Domestic
private
individual
K&H
KBC
Insurance
RO
Omniasig
BCR
VIG
VIG
ERGO ERGO Austria
BG
Allianz
Generali
Allianz Hold.
Generali CEE
DZI
KBC
Insurance
HR Erste VIG
Allianz
BNP Paribas
Allianz SE
PNP Group
BA
Not stated Not stated
Not stated Not stated
SI
ERGO
Generali
ERGO Group
Generali CEE
RS
Wiener
Städtische
VIG
Generali
Wiener
Städtische
Generali CEE
VIG
Source: Summarized by authors based on website and annual report of financial institutions
There is no interconnection of property between UCG and cooperating insurance
companies. UniCredit Bank has been offering bank products and services as “UniCredit
Bank Czech Republic and Slovakia, a. s.” (UCB CZ-SK) in the Czech Republic and
Slovakia since 2013. The insurance group ERGO has concluded a strategic cooperation
agreement with UCG (2007) in all countries except for BG, BA and RS. In these
countries, ERGO has not set up a subsidiary company or a branch. Table 2 shows that
there is no obvious cooperation with ERGO in Croatia (HR). At the same time, ERGO
57
Austria has set up a subsidiary company in Croatia. Banks’ cooperation with insurance
companies is not uniform. Banks tend to cooperate, despite their strategic
agreements, with other insurance companies. Considering that the UCG has concluded
a strategic agreement with EGRO Group, one might expect that these entities will work
towards an exclusive partnership. The reality is different however. The only similar
aspect can be found in the fact that in all countries except for BG, BA and RS, there is
a cooperation with third insurance companies. These are namely ERGO, Allianz and
Generali. Generali cooperates with UCG in all selected countries. Allianz cooperates
with UCG in all selected countries except BA and RS. In some countries (CZ, SK, HU,
HR and RS), there can be found more insurance companies. CZ-SK are specific in the
fact that there is the widest range of cooperating insurance companies. This is probably
caused be the cooperation of UCB CZ-SK with the company PARTNERS.
The financial group KBCG operates only in four of the selected countries. In every
country, there is only one cooperating insurance company which is a daughter
company of KBCG (KBC Insurance is completely owned by KBCG). The financial group
operates as an integrated bank and insurance company.
3.3 Comparison of Bancassurance Products of Financial Groups EGB, UCG and
KBCG
In Table 3, there is presented a comparison of bancassurance products within financial
groups and countries. Bancassurance products are evaluated based on their range
(number), availability of insurance products for bank’s clients, availability of general
contracts as well as availability of discounts and other benefits for clients of the bank.
Most insurance products which are offered by banks within EGB can be described as
integrated. In the Czech Republic and in Slovakia, banks offer also products (property
insurance, life insurance), which show less integration. In Romania, no interconnection
of property can be observed. In summary, the strongest interconnection of products
within EGB takes place on Slovakian financial market. The second most significant
integration of products is in the Czech Republic, followed by Hungary.
Insurance products offered by banks within UCG show signs of integration. Clients are
offered various kinds of discounts. Evaluation cannot be performed for countries BA
and SI because relevant data cannot be accessed. Based on how many products and
how many general contracts are offered, the most developed countries as far as
integration is concerned are the Czech Republic and Slovakia (within UCG, they are
considered one subject), followed by BG, HU and PL.
Insurance products offered by banks within KBCG can be described as integrated
bancassurance products. The countries HU and BG offer insurance products only with
relation to bank products. The Czech Republic and Slovakia offer not only exclusive
integrated products but also other insurance products not related to bank products. In
Slovakia (SK), all financial products are offered within the brand ČSOB, though
benefits for clients are not specified on the official website. In the Czech Republic,
integration of a banking and insurance product is not completely clear. Some insurance
58
products are linked to bank products but there is a range of products without apparent
benefits.
Table 3 Bancassurance products offered by financial groups EGB, UCB and KBCG
Country
Financial
Group
Number
of ins.
product
Ins. product
for client
of bank
General
contract
Discounts
and other
advantages
CZ
ERSTE 11 YES YES YES
UCB 7 YES YES YES
KBC 8 YES YES
SK
ERSTE 8 YES YES
UCB 5 YES YES YES
KBC 4 YES YES
PL UCB 5 YES YES
HU
ERSTE 5 YES
UCB 6 YES YES
KBC 5 YES YES
RO
ERSTE 7 NOT STATED
UCB 1 YES
BG
UCB 3 YES YES YES
KBC 4
HR
ERSTE 3
UCB 6 YES
BA UCB NOT STATED
SI UCB NOT STATED
RS
ERSTE 4 YES
UCB 2 YES
Source: Summarized by authors based on website of financial institutions (2016)
Conclusions
The aim of this paper is to determine whether or not there is a similarity in integrated
financial products belonging to different financial groups in individual countries.
Qualitative research replies to a research question related to a defined objective.
Is the level of integration of a bancassurance product of selected financial
groups in individual countries similar? Which countries show the strongest
integration of a bancassurance product? What level of integration of the
bancassurance products do the selected financial groups actually have?
Before answering these questions, it is necessary to recapitulate the types of
integration in financial groups. The financial groups EGB, UCG and KBCG show
differentness as far as integration is concerned. Within the financial groups EGB and
UCG, there is no interconnection of property between banks and insurance companies.
Bancassurance products are sold on the basis of a strategic partnership with insurance
groups. Inside the EGB group, an exclusive cooperation with VIG is obvious. Inside
the UCG group, there is no exclusive cooperation with ERGO. UCG offers products of
other insurance companies, especially products of Allianz and Generali. KBCG is an
59
integrated bank and insurance group. KBC Group owns two daughter companies
(100% share): KBC Bank and KBC Insurance. Banks in all countries are owned by the
company KBC Bank (100% share). Insurance companies in all countries are owned by
KBC Insurance (100% share). KBCG is a financial group with the following type of
integration: “partial integration with a parent universal bank.”
In all selected countries, integrated insurance products are offered within financial
groups. In some countries, information available on companies’ websites is
unambiguous and annual reports do not provide this kind of information (for example
countries BA, SI within UCG; RO within EGB). The research discovered similarity in
bancassurance products in individual countries.
What level of integration of the bancassurance products do the selected
financial groups actually have? It seems that the main problem making answering
this question difficult is that the financial groups do not operate in all evaluated
countries. For this reason, the qualitative research itself is unable to univocally answer
this question. Based on what has been found, it cannot be concluded that if a financial
group offers an integrated product in one of the selected countries, it will offer the
same integrated product in another country.
Is the level of integration of a bancassurance product of selected financial
groups in individual countries similar? Based on the conducted research,
similarity was discovered in countries CZ, SK, HU, BG and PL.
Which countries show the strongest integration of a bancassurance product?
Because financial groups do not operate in all selected countries, it is not possible to
conduct complex evaluation. All groups operate in countries CZ, SK and HU. In these
individual countries, the level of integration of products is very similar. BG is specific
because EGB does not operate there. This country shows some similarity with
countries CZ, SK and HU. Should only the groups UGB and KBCG be compared, BG
shows a comparable level with other countries (CZ, SK and HU).
Acknowledgments
Research behind this paper was supported by the Czech Science Foundation within the
project 16-17796S “Affiliation with financial conglomerate as a determinant of
performance and risk of banks”.
References
Beltratti A. and Corvino G. (2009). Why are Insurance Companies Different? The Limits
of Converegence among Financial Institucion. The Geneva Papers, 33, pp. 363-388.
DOI: 10.1057/gpp. 2008.13.
Clipici, E. and Bolovan, C. (2012). Bancassurance – main insurance distribution and
sale channel in Europe. Scientific Bulletin – Economic Sciences, 11(special issue), pp.
54-62.
Čejková, V., Martinovičová, D., Nečas, S. (2011). Poistný trh. Bratislava: Iura Edition.
Daňhel, J., Ducháčková, E., Radová, J. (2007). Analýza globálních trendů ve světovém
a českém komerčním pojištění. Praha: VŠE.
60
Daňhel, J., Ducháčková, E. and Radová, J. (2008). Hlavní závěry z analýzy globálních
trendů ve světovém a českém komerčním pojišťovnictví. Pojistné rozpravy, 22, pp.
114-118.
Disman, M. (1993). Jak se vyrábí sociologická znalost. Praha: Karolinum.
Ducháčková, E. and Daňhel, J. (2010). Teorie pojistných trhů. Praha: Professional
Publishing.
Hendl, J. (2005). Kvalitativní výzkum. Základní metody a aplikace. Praha: Portál.
Hoscha, T. C. (1994). Bancassurace in Europe. London: The MacMillan Press.
Illetško, P. (2003). Bankopojištění, jeho výhody a perspektivy v ČR. Pojistný obzor, 4,
pp. 15.
Lím, P. (2012). Bankopoistenie je nielen o spolupráci s bankami. Pojistný obzor, 2, pp.
20-22.
Punch, K. F. (2008). Úspěšný návrh výzkumu. Praha: Portál.
Ricci, O. (2012). The Development of Bancassurance in Europe. In: Fiordelisi, F. and
Ricci, O. (eds.): Bancassurance in Europe - Past, Present and Future. Hampshire:
Palgrave Macmillan, pp. 5-26.
Řezáč, F. (2009). Marketingové řízení komerční pojišťovny. Brno: MU.
Stracia, M. F. (2012). Bancassurance Products. In: Fiordelisi, F. and Ricci, O. (eds.):
Bancassurance in Europe - Past, Present and Future. Hampshire: Palgrave Macmillan,
pp. 26-52.