Offering the list of the “accredited” insurance companies, bank creates at the client illusion of objective selection of the most financially steady insurance companies for the purpose of protection of valuable interests of the client and bank against the unreliable companies, not capable to carry out the obligations. Practically all clients, without an exception, perceive […]
Offering the list of the “accredited” insurance companies, bank creates at the client illusion of objective selection of the most financially steady insurance companies for the purpose of protection of valuable interests of the client and bank against the unreliable companies, not capable to carry out the obligations. Practically all clients, without an exception, perceive such approach and agree on a choice of one of the companies, recommended by bank.
Actually “accreditation” process in some bank companies reminds the collective-farm market. The bank agrees with the insurance company about the price of an insurance portfolio, which is measured in the size and terms of depositary contributions, commission fee, by volumes of the circulating assets, which should be transferred in bank, etc. Interests of the client aren’t taken into consideration absolutely; the client will just receive the overestimated tariff at the expense of simple restriction of quantity of the insurance companies.
For the sake of justice, it is necessary to note, that not all banks tend to the banal auction. Some banks are really interested into protection of the interests in the form of appropriate insurance of pledge by the reliable insurer. Such banks deeply study the reporting of the insurance companies, their financial condition, agreements and insurance rules. However and in this case the care of the client is doubtful, many of such banks essentially limit a choice of programs and options at pledge insurance.
So, for example, very many bank companies prohibit insurance with a payment deferred payment that is very convenient for clients, especially now.
Also, it is necessary to notice that a number of banks by means of “accreditation”, actively advance the affiliated insurance structures, pursuing the aim of profit earning also in this segment of business. Thus, affiliates structures, as a rule, are in more exclusive position with other companies, which have passed accreditations. So, for example, some of banks obliged borrowers to insure mortgage property for the second year of crediting not just in the “accredited” companies, but in affiliated “accredited” companies.
However, it is necessary to note, that not one of public regulatory legal acts doesn’t contain concept “accreditation” and objective criteria of its realization. So, each bank itself determines “accreditation” principles that allows it to select not the best, but the companies most interesting to bank at the moment.
Attempts of development of universal criteria of “accreditation” were already undertaken at level of League of the insurance organizations, however while this question remains unresolved.
Risks for the client.
Actually here are two basic risks. The first is an overpayment for car insurance. If you want to check up – call back in the insurance company chosen by you, give the information on the car in the insurance company for calculation and don’t say that this car is loaned. Now, you will find out the fair market price of insurance service. Unprofitableness doesn’t change from that the car is loaned or not.
The second risk – possibility to be insured in financially unstable company, which, as a matter of fact, has acquired “accreditation” in bank. Such company cannot be honest at payment, demand additional documents, etc. Thus bank hardly will render you the effective help.
Wish you good luck and choose the insurance company attentively.
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