Tuesday, June 15 2010 10:59
Whose interests does insurance of credit pawn property protects?
Arminfo. Whose interests does insurance of credit pawn property protects? In particular, insuring of the motor transport bought by the bank credit. Why the banks but not insurance companies should explain peculiarities of the insurance product to the borrower of the credit? This topic was risen by the leaders of the NKR banks at the meeting with insurance specialists from Armenia over the guest forum in Stepanakert, on 12 June.
As ArmInfo correspondent reported from Stepanakert, the banks said that the bank borrowers have problems because of unavailability of information about the peculiarities and differences of the partial and full insurance, as well as about the franchise. They also said that bank employees cannot always professionally explain the core of any insurance product, which leads to displeasure of a customer with the bank and the insurance product.
"I think the bank should not carry the insurance activity with a customer, as insurance specialists have to do it, and the bank specialists - only the bank activity. The bank workers are not obliged to advertise the products of insurance companies", - the head of the Stepanakert office of Ameria Bank Grigoriy Kadaryan said. But as representatives of insurance companies explained, a motor bought by the bank credit should be insured so that to reduce the bank risk. For this reason, a bank needs insuring. "In case of a traffic accident, when a motor bought by a credit is broken, not a borrower of the bank gets compensation but the bank itself. That is why the bank is concerned about insurance of the credit property", - representative of insurance company "Sil Insurance" Andranik Ohanjanyan explained. For his part, the head of the insurance company "Cascade Insurance" Garnik Tonoyan offered to settle the problem via the financial supermarket where a customer will be able to get all the financial services, which interest him, according to the principle of "one window". But a member of Armenian Central Bank Council Aharon Chilingaryan pointed at possibility of such negative factors of the financial supermarkets like limitation of the customer's choice and unhealthy competition. The experts of the insurance sector also explained peculiarities of the partial and full insurance. They were for full insurance, as in case of accident an insurance company pays for damage in a full volume. "At present only HSBC bank Armenia Ѓ Є puts a condition of full insurance of a motor transport. Undoubtedly, this is stemming not only from the interests of the bank but from the interests of a borrower too", - insurance experts said.
At the end of the forum insurance experts offered their services to bankers and made an offer to hold training courses for the bank employees regarding peculiarity of insurance products.
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