Interaction between banking and insurance companies in Russia: development prospects

Development of the contiguous banking and insurance services is one of the fastest growing trends today in Russia. The research focuses on the scope of contiguous financial products of both banking and insurance fields. The purpose of the study is to identify the circumstances conducive to the development of adjacent market providing financial services to the population. The research methodology is an analytical study based on the economic and social factors, which influence the bank insurance market. The author reveals the fundamental reasons for the correlation between banking and insurance companies. Nowadays, the development of common banking and insurance services highly depends on the current state of economic development. The key area of creation and standardization of internal processes on the adjacent banking and insurance markets is the establishment of a separate government agency that will promote the development of risk management processes for both segments. This body can contribute to the development of the long-term financing market in Russia as well.