Annual Report of Bank Millennium for 2016 - Bancassurance Products
Bank Millennium published their 2016 Annual Report. The report stated that in 2016 income was driven mostly by two factors: regulatory changes (Recommendation U and the new Insurance Act) and the level of cash loan sales. Last year the bancassurance market concentrated on adjustment to the new regulatory and market environment.
In due time, the Bank adjusted its activity to the new Act on Insurance Activity and developed, in the structures of the Bank Millennium Group, competencies to be an agent performing agency services for the group insurance portfolios of PZU SA, PZU Życie SA, Europ Assistance and Generali. Last year some new insurance products were introduced into the Bank’s offer with the new partner - ERGO Hestia Group.
Since 3 November 2017 the Bank has been selling motor insurance (MTPL/extra coverage car insurance, Assistance, NNW, car glass) through Millenet and their mobile application using in the sales process the technique of scanning the Aztec code from the vehicle registration certificate (read more: The third-party and comprehensive motor insurance available from Bank Millennium completely online). The huge advantage for the Bank’s clients is also the possibility to spread the premium into monthly payments, especially in the context of significant hikes in MTPL premiums.