Отношения между финансовыми институтами и потребителями

Introduction
1 Relationship marketing in the financial sphere
1.1 Development of financial institutions, and changing environment
1.2 comparative analysis of experience if foreign and Russian FI in client relationship
2. Market analysis of Insurance companies and environment and their Interaction with consumers
2.1 Legislative bases of insurance activity
2.2 Client-focused marketing strategy in insurance business
2.3 Insurance agent. The insurance broker and its features
3. Development of Complex Relationship marketing strategy for Insurance Company
3.1 Characteristic of the insurance company
3.2 Analysis of financial activity of the company
3.3. Recommendations about optimization of activity of the company
Conclusion
Literature list

Отношения между финансовыми институтами и потребителями

request the reports on insurance activities and on insurers' financial soundness, and obtain from enterprises, including banks, as well as from citizens, information related to insurance operations;
assess the compliance with the requirements of the insurance legislation of the Russian Federation, and check the accuracy of the disclosed information by insurers;
prepare documents necessary in order to liquidate the insurance company in case of repeated violations of the legislation by the insurer or in case of operation without a license;
prepare materials in order to support a claim when an insurer has illegally capitalized reserves, with the aim of transferring these sums and the accrued interests for the State budget.
The insurer has the right to carry on insurance business afterhe has received a license authorizing him to perform insurance activities. The process of licensing insurance activities is defined in the legislative act entitled “the Conditions of licensing insurance activities in the territory of the Russian Federation”.
Only legal entities may act as insurers (physical persons and individual entrepreneurs cannot act as insurers), established in any organizational and legal form stipulated by the law of the Russian Federation to carry on insurance activities (insurance undertakings and mutual associations).
Industrial, commercial and banking activities may not be subject to direct activity of insurers.
Licenses are issued by the insurance supervisory authority to carry on voluntary and compulsory:
personal insurance
property insurance
liability insurance
reinsurance if the activities of the insurer is the reinsurance only.
In system of the legislation regulating activity of insurers, there are a special role of the subordinate legislation system and the departmental standard documents accepted within the competence by various enforcement authorities, including instructions and the recommendation about various questions occupies the insurance accepted by Russian Insurance Supervision Service. Among them there are conditions of licensing of insurance activity, book of accounts and the instruction, position about a procedure for registration of associations of the insurance organizations, requirements to the size of a standard parity of actives and obligations of insurers and observance of solvency by insurers, rules of formation of technical reserves, rules of placing of actives of the insurers connected with insurance reserves.
The book of accounts applied by insurers, differs from the book of accounts applied by not insurance enterprises and the organizations, the specificity of the account of insurance operations and operations on reinsurance is reflected.
The financial reporting also is given by insurers according to special requirements. The balance and the report on financial results comprises articles reflecting specificity of activity of the insurer, the report on solvency and the report on placing of insurance reserves are included in structure of the financial reporting.
Considering role of placing of insurance reserves and practice of bankruptcy of large insurance companies due to loss of reserves, insurance supervision pay steadfast attention of investment activity of insurers.
According to the present Rules objects of placing of Insurance reserves can be:
the state securities where should be invested not less than 20 % of the sum of the insurance reserves generated on long-term life insurance, and not less than 10 % by kinds of insurance by other, than live insurance;
the securities which are let out by public authorities of subjects of the Russian Federation and local governments;
bank contributions (deposits);
securities: bonds, bills, depositary certificates, assets, housing certificates. In promissory notes (except bills of banks) and housing certificates of the investment shouldn't exceed 10 % from a total sum of assets;
the property rights to a share of participation in capital stock: constituent payments and shares. Investments into acquisition of shares into a capital stock of closed joint-stock companies shouldn't exceed 10 % from a total sum of assets;
real estate, including apartments;
currency values;
cash, settlement account in bank should make not less than 3 % of a total sum of insurance reserves.
Thus, the legislation regulating system of the insurance activity in Russia is based on the Civil Code of the Russian Federation and the Federal Law "About the organization of insurance business in the Russian Federation”. An essential part of this system, besides especially insurance legislation, is subordinate act of supervisors and departmental standard documents.
2.2 Client-focused marketing strategy in insurance business
Consumer-oriented strategy represents an integral part of concepts of general management on the basis of quality. Necessity of orientation to the consumer is obvious, nevertheless it is quite often reduced to a pursuit of the prompt reception of profit. 17
The most perspective strategy on adjustment of long-term contacts to the existing insured and potential clients is CRM strategy (Customer Relationship Management). This strategy allows putting the client at first place, to give out real individual service. In other words in CRM strategy implementation the client carries out supervising function, and management is coordinating function optimizing business processes of the basic divisions of the company (fig. 2.2.2).
Fig. 2.1.2 - Concept of CRM strategy
In the client-oriented company activity of all divisions is subordinated to one overall objective - to increase sales by fast and qualitative service. In such organization the divisions which are carrying out the basic functions, are coordinated among them, being links of one horizontal technological chain, and precede the service. So, manufacture of new insurance products serves requirements of sellers (or requirements of clients). The divisions, connected with service, the finance are servicing sellers and clients, the accounts department carries out timely insurance payments, i.e. serves management of settlement of losses, and consequently - clients and etc. 18
Let's consider factors which influence on the consumer choice of the insurance company:
work term in the market;
the size of an authorized capital stock
the basic corporate clients, owners of the company;
participation in the state (municipal) programs
popularity of the company in the insurance market;
service level;
positive experience of insurance;
reference group’s opinions.
The first direction very well reveals by carrying out of "special actions". In this case every year existence in the market is considered as the serious contribution to a coin box. To this or that date of the company hold competitions on knowledge of details of the company, develop the special offer. The mention of corporate clients and participation in government programs raises trust level to the company.
To generate good attitude to the company as to a strong brand in the market, it is necessary to place a regular publications in mass-media. Thus publications can be different: from analytical inquiries to short information notes. The main thing is that the name was familiar to everybody and was perceived as the expert of the branch. Thus, the potential consumer has a representation about directions and scales of activity of the company. It is obvious that the consumer will have more faith to such insurance company which not simply traces quality of given services, and constantly raises it.
One of characteristics of a current state of the insurance services market in Russia is insufficient knowledge of potential consumers of existing possibilities of insurance system. The structure and a proposal of insurance services are diverse. Conditions of rules and insurance contracts are not always clear to the insured, as well as insurance terms and concepts. An important point of motivation of the insured is "transparency" of insurance service, such as a good communication to the consumer, informing about all characteristics and treaty provisions that is provided by the personnel of the insurance company. In this case adjustment of informing system and channels of feedback with the consumer becomes one of activity mainstreams. Experts of the insurance company conduct explanatory work such as "a hot line", and carrying out of "special advertising action» among certain target groups.
Employees of the insurance company promote the company’s brand in the market and success will depend from their professionalism, understanding of the purposes and values of insurance business as a whole. Basically the consumer of insurance service receives the information from employees of the companies, and impressions received by the client during conversation are depended by them. Recently human resource management in the insurance companies gets crucial importance as the getting information about value of a trade mark to client depends on it. Therefore each employee should realize the responsibility for reputation of its brand. Thus a main objective of the top management is creation of the effective command possessing certain skills, and also creation of motivation system for employees that is aimed on active advancement of a company brand in the insurance market. Qualified personnel preparation is a key element of creation of a successful company brand.
It is well-known that dissatisfied consumer becomes much more powerful source of the negative information on the company, than satisfied for positive. Besides, one of the features of the Russian consumer is the consent with opinion of people to which he trusts (so-called reference groups). Reliability of the insurance company can be expressed not only in the form of rating positions, but also in clearness of performance of the promises given by its employees to clients.
Experts usually allocate two basic concepts, characterizing activity of the insurance company and prospects of its activity - solvency and financial stability. Solvency is an ability of the insurance company to carry out of existing obligations to the clients, proceeding from actives available for it. As the base characteristic of solvency definition it is used a current liquidity.
Financial stability is an ability of the insurance company to keep essential level of solvency during possible adverse external and internal influences on cash flow. Financial stability of the insurance company is defined on the basis of model for the following factors: size of the company; external factors of stability; equation of an insurance portfolio; time of work of the company in the market; its business potential; sufficiency of own assets, etc. Main principle of financial stability definition of the company is comparison of indicators among several companies.
Depending on reliability level the largest world rating companies break into rating classes “A”, “B”, “C” and “D”, where “A” is a high level of reliability, “B” is a comprehensible level of reliability, “C” is a low level of reliability, “D” is a unsatisfactory level of reliability. It is necessary to notice that the buyer of insurance services can get the information only with the insurance companies of a class of reliability “A” (“A++” is a high level of reliability with positive prospects, “A +” is a high level of reliability with stable prospects, “A” is a high level of reliability).
Nowadays there comes a rivalry stage when expectations of the consumer’s basic groups are already generated, and services of insurers are unified. Thus, the competition between insurance brands passes in area of communications and level of service for clients.
It is necessary to underline that in the client-focused insurance company the role and value of marketing is increasing because working out new insurance services is impossible without studying client’s requirements. The marketing division of the insurance company becomes the original center of the information where all data about clients and competitors is flown down. This division creates and conducts marketing information system (consumer’s database, clients, products of the company, marketing actions, etc.) Last years the Russian insurers also began apply some marketing tools to the decision of promotion sales. But these tools, as a rule, are reduced to advertizing campaigns and carrying out of actions on sale promotion. Some insurance companies apply the integrated marketing communications, and only some companies have started to develop high technologies marketing tools.
It is necessary for domestic insurers, having studied the international practice of marketing in insurance, adopt and implement it to the Russian realities, because without skillful application of marketing in insurance domestic insurance companies can't compete with foreign insurance companies, in a case if the western or European insurance company come on the Russian market of insurance services. Therefore it is necessary to develop recommendations of practical application and marketing use in insurance, considering not only the international practice and Russian features, but also unreadiness of a society to insurance. 19
2.3 Insurance agent. The insurance broker and its features
Insurance agents and brokers are insurance professionals who are intermediaries between insurance companies and customers.
An insurance broker is a professional who works in the insurance industry as an agent of the buyers, rather than the sellers, of insurance. The goal of insurance broker is to get the best coverage at the best price for clients, which involves a variety of activities on a day to day basis. Insurance brokers must communicate with a number of insurance companies, types of clients, and sometimes other brokers, and the best skill for an insurance broker to have is the ability to communicate and get along well with people.
The primary goal of brokers consists in continuous tracing of a condition of the insurance market.
The insurance broker solves following problems:
1. Develops and coordinates insurance strategy:
- Studies and generalizes requirements of the insured;
- Coordinates requirements to the program of insurance protection.
2. Places insurance programs:
- Prepares the list of potential insurers, their tentative estimation by the criteria coordinated with the insured;
- Analyzes offers of the insurance companies and gives the report with an estimation of these offers and with recommendations to the client;
- Makes and signs the contract of insurance and supervises the organization of insurance protection.
3. Accompanies the insurance program:
- Cooperates with the insurer and answer to all questions, concerning the insurance contract.
4. Operates process of losses settlement:
- Studies and discusses the information on losses with the insurer;
- Carries out timely gathering of money from the insurer after agreement achievement on loss settlement.
The insurance broker accompanies all process up to satisfaction of the claim. It will organize work of all involved parties that allows to reduce terms of restoration of property and as much as possible effectively to settle a loss. The broker won't stop to work, even if insurance validity has already ended, — until the loss won't be fully covered.
The broker is interesting to those who are not afraid of a competition. After the insurance broker becomes a competition conductor when he holds tenders between insurers for reception of the best conditions for the clients. As a whole, the insurance broker is more close to consumers of insurance services, studies their requirements and makes demands to new insurance products, and if he default of the obligations to the client, the broker won't place risks in this insurance company next year.
Necessary for success of the transaction "individualization" of relations with the consumer is reached not at level of "maintenance" of the offered service, but at level of "form" of its offer, that’s why the insurance companies needs broker.
For insurance development it is necessary, that the consumer began to play an active role in insurance relations, has turned from object of influence of the supplier in the subject of interaction. For this purpose it is necessary to create certain possibilities for activization of consumer participation in insurance relations. To solve this problem brokers has a leading role. In the modern insurance market there is no other "figure” except the broker who could is represent and realizes interests of the consumer.
Thus, the important problem of defining a place and a role of insurance brokers in development of insurance in our country is maintenance of an optimum combination of consumers and suppliers interests of insurance services. Broker should be not only effective "form" of maintenance of relations between suppliers and consumers of insurance services, – he should also play active, and sometimes, the leader role in definition and realization of "maintenance" of these relations.
So, the broker is independent from the insurer, free in a choice of insurance offers, renders information and consulting support to the consumer of insurance services, protects interests of the client and organize legal support.20
The client receives rich assortment of various offers, can compare conditions of various insurers and choose an optimum variant. The broker assists as the professional adviser. Brokers can give a choice possibility to the client, and broker is an independent company. The insurance broker receives a discount from each company in exchange for advancement of their policies in the market of services, besides quite often brokers are inclined to reduce own commission fee to allow a discount to the client. That’s why it favorably and conveniently to be insured by broker.
Insurance agents are insurance professionals that serve as an intermediary between the insurance company and the insured. As a broad statement of law, an agent’s liability to their customers is administrative. That is, agents are only responsible for the timely and accurate processing of forms, premiums, and paperwork.
Insurance agents can be either:
Captive – A captive agent is an agent who works for only one company and is a “captive” of that company. A captive agent will sell policies only for that insurer.
Independent – An independent agent is one who works as an agent for a variety of different insurers. An independent can produce policies from several insurers and offer some comparisons of different insurance policies.
In the case of insurance agents, they only serve as a link between the customers and the insurance companies.
Their function is more on an administrative level.
2. Insurance brokers are more professional than the insurance agents. They may help a customer to make an informed decision on the policies. They offer a host of insurance policies for a customer to consider.
3. Unlike the insurance agents, the insurance broker is independent.
4. In the case of insurance, the insurance brokers have more knowledge than the insurance agents.21
Nowadays insurance intermediaries and, first of all, insurance brokers, faces the serious problems in Russia due to imperfection operating insurance and tax laws. These problems become a serious obstacle on a way of healthy development of domestic insurance as a whole.
The most serious problems are exception of brokers of operations on direct insurance, vulnerability of results of activity of insurance brokers in their mutual relations with the insurance companies and an inefficient mode of the taxation of activity of insurance brokers.
3. Development of Complex Relationship marketing strategy for Insurance Company
3.1 Characteristic of the insurance company
ROSNO, one of the Russian insurance market leaders SOGAZ Insurance Group was established in 1993 and is now one of the biggest universal insurance companies of the federal scale in Russia.