Snezhana Dichevska
Vera Karadjova
Ljube Jolevski
Faculty for Tourism and Hospitality-Ohrid, Kej Makedonija 95, Macedonia
Faculty for Tourism and Hospitality-Ohrid, Kej Makedonija 95, Macedonia
NLB Skopje, Macedonia

2nd International Scientific Conference on Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture – ITEMA 2018 – Graz, Austria, November 8, 2018, CONFERENCE PROCEEDINGS published by the Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-13-4


Financial derivatives are financial instruments that cause major changes in financial markets. They appeared in order to protect the transistors’ from a certain form of market risk, but also with the intention of making profit.

The paper analyze a topic related to the forms of cooperation between the financial market entities, especially the cooperation between banks and insurance companies in the sphere of sale of insurance policies, to be more precise – bank insurance.

Banking and insurance are complementary parts of the financial system. Bank insurance is relationship between a bank and an insurance company, whereby the insurance company uses the bank sales channels in order to sell insurance products, an agreement in which a bank and insurance company agree in a way that the insurance company can sell its products to customers of the bank.

Insurance companies sell their insurance products through their direct sales network or through distribution channels, of which the most important are insurance brokers and agents. With the involvement of banks in the sale of insurance products in the 1980s, the development of bank insurance began in Europe and since then it has become increasingly widespread throughout the world. In the narrowest sense, bank insurance implies the sale of insurance products through a bank, while in a broader sense it is defined as a joint venture between banks and insurance companies in order to enable insurance products to reach customers of banking services.

Banking is a winning combination for both institutional partners in a business relationship. The Bank enriches the offer of financial services for its customers by selling or integrating insurance products, while at the same time it receives a new source of income, while the insurance company uses the bank’s marketing and increased sales through access to a significantly larger potential customer base. The focus of the bank are the consumers, and the success of this business cooperation depends on the synergy of the three most important elements, namely marketing strategy, organizational culture and market conditions.

The banks and insurance companies have certain problems in its functioning, which can arise as a result of several reasons. The problem with the functioning of the bank insurance is in the various sales philosophies of banks and insurance companies. Banks have a passive sales philosophy, conditioned by traditional demand, while insurance companies have an aggressive sales philosophy.

Key words

Financial derivatives, financial market, bank insurance, banks, insurance companies


[1], pp 7

[2]   Szewieczek D., The Risk of Cooperation Between Banks and Insurance Companies, 2013, Studia Ekonomiczne. (127), pp. 137-151.

[3]   Munchener Ruck, Bancassurance in Practice, 2001, pp. 4-5.

[4]   Babić-Hodović Vesna, Bankosiguranje-konkurencija ili kooperacija bankarstva i osiguranja, Svet osiguranja, 2003, pp. 59-63.

[5]   Julia Tarasova, Features of Bank insurance in the Russian Financial Market, pp. 10.

[6]   Snezhana Dichevska, Vera Karadjova, Bank insurance – An Opportunity for Development and Improvement of Financial Market, pp. 385.



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