BANCASSURANCE AS A DIRECTION OF THE INTEGRATION OF BANKING AND INSURANCE BUSINESS IN UKRAINE
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Abstract
Introduction. The development of Ukraine’s financial market under martial law is accompanied by structural transformations in the banking and insurance sectors, highlighting the need to improve the mechanisms of their interaction. One of the most promising areas of financial sector integration is the bancassurance model, which contributes to the expansion of financial services, enhances their accessibility, and strengthens the financial stability of market participants.
Purpose. The purpose of this study is to analyze the current state of bancassurance development in Ukraine, identify the specific features of cooperation between banks and insurance companies under martial law, and substantiate перспективive directions for improving integration processes based on European experience.
Methods. The study employs the methods of scientific generalization, comparative and statistical analysis, a systems approach, graphical data interpretation, as well as the methods of induction, deduction, synthesis, and logical generalization. The information base comprises statistical data provided by the National Bank of Ukraine, regulatory and legal acts, and the findings of domestic and foreign researchers.
Results. Scientific approaches to the interpretation of the essence of bancassurance are generalized, and its role as a form of integration between the banking and insurance businesses is defined. The dynamics of the banking and insurance sectors in Ukraine are analyzed, and the specific features of their functioning under martial law and digital transformation are identified. The main trends in the development of bancassurance, including the digitalization of financial services, the integration of insurance products into banking services, and the expansion of remote customer service channels, are determined. The possibilities of adapting European experience to improve the bancassurance model in Ukraine are substantiated.
Originality. The scientific novelty of the study lies in substantiating the current development trends of bancassurance under martial law and identifying priority areas for the integration of the banking and insurance businesses, taking into account the digital transformation of the financial market and European approaches to the organization of bancassurance.
Conclusion. The study proves that the development of bancassurance is an important factor in improving the efficiency of Ukraine’s financial market. It is proposed to intensify the digital integration of banking and insurance services, improve the regulatory framework, expand the range of insurance products considering wartime risks, and adapt best European practices to national conditions. The implementation of these measures will contribute to strengthening the financial stability and competitiveness of financial institutions.
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