OREANDA-NEWS. September 24, 2008. Allianz ROSNO Life has developed a new fixed-term life insurance product specifically intended for the alternative sales channels: banks and in-house brokers, reported the press-centre of ROSNO.

Allianz ROSNO Life offers a direct life-related risks insurance program without the accumulative and investment components. The new product guarantees extensive insurance protection in case of death for any reason, death by accident, disability by accident, and terminal diseases, while the cost of this product is considerably lower than the cost of accumulative life insurance programs. The insurance period may be 1 or 5 years.

The new product also takes into account the specifics of the intermediary-based sales channels (banks, brokers, etc.). Since sales will be performed by employees of other entities, the product must be as simple to understand for the potential clients and salesmen as possible. These policies are sold using convenient self-copiers, which enable bank clerks to make a quick input of all information required for conclusion of contract in accordance with the insurer’s requirements. The policy issued to the client after payment of the premium contains a detailed algorithm for action in case of any unforeseen circumstances constituting the insured events.

"Developing alternative sales channels, and in particular, bankassurance, is a top priority for Allianz ROSNO Life. We expect that this product will be in high demand and will arouse much interest with the clients of banks and brokers, as it is simple, not expensive, covering a sizeable portion of risks and guaranteeing considerable payments in case of an insured event. The maximum insurance amount for this service is 750,000 roubles", comments the Deputy CEO of Allianz ROSNO Life Ms. Zinaida Myakina.

"In the near future, it will be sold in 25 banks in Moscow and the regions, where Allianz ROSNO Life has already entered cooperation agreements. We expect that by the end 2010, the share of sales via non-insurance intermediaries of our company and the companies of Allianz Eurasia in the portfolio of Allianz ROSNO Life will be at least 25%".