HSBC Bank Armenia sold 180 mandatory liability policies in two weeks

PanARMENIAN.Net - HSBC Bank Armenia considers the agreement signed with Cascade Insurance icjsc a strategic partnership agreement aimed at bringing our customer experience to a new level, HSBC Bank Armenia Chief Executive Officer said.

“By becoming Cascade Insurance’s agent, we are now able to offer our customers a range of insurance products including property and motor insurance, mandatory third party liability insurance, personal accident, travel and medical insurance from our branch network. In this way, customers can now get all their financial and insurance needs satisfied by one visit to our branch or one call to our telephone banking service,” Astrid Clifford told a PanARMENIAN.Net reporter.

“Cooperation with Cascade Insurance has been very smooth and in line with the Bank’s expectations when signing the partnership agreement. We see insurance agency as an attractive business opportunity for the Bank and at the same time an unprecedented cooperation between two leading service providers in the financial services and insurance sectors,” she said.

As to the number of transactions the bank concluded so far, Ms. Clifford noted: “In the first two weeks of operations the primary focus has been on the mandatory third party liability insurance. The Bank has already sold more than 180 mandatory liability policies. In addition, the volume of other insurance products, in particular motor, property and travel insurance has started picking up. Our expectation is that motor, property and travel insurance will be our main focus products in 2011. Promotion of insurance products by the Bank will lead to increased awareness and utilization of insurance service in the market overall.”