Hoping to increase the client base, Russian insurers started offering to its customers OSAGO policies on credit or in installments. Experts believe that such a proposal may be of interest primarily to drivers for whom insurance costs tens of thousands of rubles due to a number of multiplying coefficients.
The source confirms that the Soglasie insurance company is already selling OSAGO policies on credit, and soon Sovcombank insurance plans to launch installment plans for its insurance products for car owners.
Making an insurance policy on credit is an atypical service for the Russian market, especially since OSAGO among insurers is traditionally considered a loss-making area. However, OSAGO is called one of the most obvious ways to form a client base, whose participants can then be offered other financial products. With an average cost of a policy of six thousand rubles, the installment plan is a marketing ploy that can attract more customers to the insurance company.
Presumably, the effect of this method of increasing sales is short-lived. Stepan Derevyansky, deputy general director of the Soyuz Insurance Brokers company, said that an increase in the risky segment in the portfolio could lead to an increase in payments and the loss ratio. Denis Makarov, director of the compulsory types of insurance department at AlfaStrakhovanie, does not exclude that the sale of insurance on credit can provoke an increase in receivables.