The excellence insurance project that is creating synergy in the insurance banking sector.
Insurance products available nowadays go beyond the simple assumption that insurance can be sold only with credit products. In addition to loan insurance, term life products are also in demand, providing cover for both individuals and families.
The sale of insurance products is not considered by OTP Group only as a profit source. Equally important is the fact that offering these products creates value and serves to the customers providing a real protection in difficult situations.
OTP Group has launched a three-year long project, named Bancassurance which involves most of the OTP Group’s affiliate banks, using also the successful Hungarian business as a model. Within the framework of the project it is aimed to introduce new products, expand sales channels and develop digital services.
In relation to the progress of this project, Bancassurance Summit was held in Budapest, Hungary on 6-7 February, 2024. The summit which was attended by 12 experts of OTP Group affiliate banks among which were also present specialists from OTP Bank Albania, addressed the main pillars of Group’s strategy, evaluated the business challenges and highlighted the best methods to create synergy.
The Bancassurance project is considered as an important key for success, as it makes possible the cross-border collaboration of OTP Group, by developing a common framework which will enable the fulfilling of goals in the most effective manner.
OTP Bank Albania introduced in the Summit the new project: ‘The Bank’s Role as an Insurance Broker’ just launched on January, 2024. The presentation pointed on the bank’s history in the insurance field, as well as the interchanging role of the bank, from Agent to Insurance broker. In addition were discussed the benefits of the new process, where the bank takes on the role of Advisor in the protection and insurance of life and collaterals of OTP Bank Albania’s clients, within the framework of risk mitigation, in financing products.
Bankassurance experts from OTP Group affiliate countries, are already working together to fulfill a group-level objective. In addition to strengthening profitability, it is also intended to work together for improvement of product range and sales solutions, by incorporating the best practices.
“If we can offer insurance to the right customer at the right time, we are clearly creating an added value. By planning together with our customers, we can help them achieve their goals,” – said András Becsei, Deputy CEO and Head of Retail Division at OTP Bank, Hungary.
“This summit is a very valuable experience, because it allows us to be in touch with the best practices and examples in the field of insurance, which will serve to strengthen OTP Bank Albania in the future, within the framework of Bancassurance project. But what is worth noting is Cash Loan PPI project, planned to be launched at the soonest during 2024, as one of the most competitive and interconnecting products in the field of loans and insurance.” – says Ina Balliu, Head of Liability & Insurance Products & Processes Sector at OTP Bank Albania
The following period will be focused on group-level thinking in the insurance area, keeping in light planning and target setting for each of the countries involved in the project.
OTP Group is one of the leading banking groups with the fastest growth among the groups of the Central Eastern Europe region with an outstanding position in terms of profitability, capital stability and liquidity, part of which is OTP Bank Albania.