BAKU, Azerbaijan, October 6. A working group on the expansion of the banking-insurance model (bancassurance) will be established in Azerbaijan in the near future, president of the Azerbaijan Banks Association Zakir Nuriyev told reporters, Trend reports.
"A committee on this model has already been established today. The first meeting of the committee will be held early next year, and tariffs will be discussed soon," he said.
The Azerbaijan Insurance Association (ASA) and the Azerbaijan Banks Association (ABA) signed a memorandum of cooperation on October 6.
The purpose of the cooperation is to strengthen the protection of the bank's customers through insurance and to expand the banking and insurance model (bancassurance) for the development and provision of customer-oriented insurance products to customers.
The agreement was signed by ASA Executive Director Elmar Mirsalayev and ABA President Zakir Nuriyev.
Nuriyev noted that the 10-person board will include representatives of Unibank, ABB, KapitalBank, Rabitabank, and Bank of Baku on the part of banks and representatives of five insurance companies specializing in life insurance on the part of insurers.
He also noted that under the agreement, each bank will cooperate with at least three insurance companies.