The insurance and pension plans market evolved in 2017 within a mature and highly competitive environment. In general terms, public opinion moved in favour of the possibility of arranging pension plans and other alternative products to complement state pensions, though this trend was tempered to some extent by the competition from investment funds, which attracted many savers as a result of the improvement in stock markets.
In this environment, Bankinter developed a strategy centred on specific factors:
As a result of this strategy the area ended 2017 with a set of very favourable results.
In life insurance, the portfolio grew by 5.4% to over 80.4 million euros at the end of 2017. The customer retention rate (those who renew their policies), which is a key loyalty indicator, was 89.1%, the highest of the last few years.
In pension plans, the Bank increased its market share. Accumulated wealth reached 2.457 billion euros, 10.6% more than the previous year, when the sector average grew by 3%. The number of unit holders also increased, by 8.6%, compared with a drop of 3% in the market as a whole, according to Inverco data up to September.
In the companies insurance business segments of Multi-Risk and Civil Liability, the portfolio grew by 10%.
In preparation for 2018, Bankinter has had to adapt to forthcoming new regulatory requirements, which chiefly involve the planned entry into force of the Real Estate Credit Act and the Private Insurance and Reinsurance Distribution Act.
Our objective: making potential pension plan customers aware of the need for them to make early and seasonally-adjusted contributions and to improve the information they receive on the consequences of their savings decisions, is a challenge for 2018.
In the case of the mortgage regulation, its introduction has very little impact, as the Bank already complies in general terms with the new requirements. As for the Private Insurance and Reinsurance Distribution Act, its application will involve a major extra effort, especially from the viewpoint of customer information. Other objectives are as follows:
Utilizamos cookies propias y de terceros para mejorar nuestros servicios y mostrarle publicidad relacionada con sus preferencias mediante el análisis de sus hábitos de navegación. Si continúa navegando, consideramos que acepta su uso. Puede obtener más información, o bien conocer cómo cambiar la configuración en nuestra Politica de cookies. Aceptar