CU has written over 1.5 million Polish zloty (£260,000) in premium from the Bank Zachodni WBK insurance package for cash loan which has been on offer to customers since the beginning of February 2006.
CU has written over 1.5 million Polish zloty (Ł260,000) in premium from the Bank Zachodni WBK insurance package for cash loan which has been on offer to customers since the beginning of February 2006. A further 1 million Polish zloty (Ł175,000) in premiums has been acquired from sales via the bank, since 2005, of Locum BZ WBK home insurance, prepared in cooperation with Commercial Union.
The cash loan insurance package put on sale by BZ WBK, Polish subsidiary of Allied Irish Bank, constituted a further element in expanding co-operation between the bank and the CU Poland group. The insurance package, which is a voluntary option offered with credit, comprises four elements: death of the insured, his/her permanent and total incapacity to work, temporary incapacity of the insured to work and loss of work by the insured. The benefits under the first two of these risks are equal to the actual indebtedness of the insured. In the remaining two instances, CU pays benefit of a maximum of twelve instalments equal to the amounts of the credit instalments due.
"These pleasing results are more than just the effect of helpful conditions on the cash loan market; they are primarily a success for the BZ WBK sales model, which is based on maintaining high standards of consultancy for customers, something we care very much about too. We are working towards a further expansion of cooperation with the bank, which is our minority shareholder, and our most important bancassurance partner," says Zygmunt Kostkiewicz, deputy general manager, CU Poland Life Insurance Company.
It is clear from data made available to CU by BZ WBK that around 2,000 borrowers have taken up the insurance so far. The best sales results have been achieved by the BZ WBK Direct Banking Department and the bank’s branches in the regions of Wielkopolska and Lower Silesia.
Sales of Locum BZ WBK home insurance are also developing successfully: those who take advantage of it are most often – though not exclusively – people taking out mortgages with the bank. The premium written by CU from this insurance recently passed the 1 million Polish zloty (Ł175,000) mark.
BZ WBK and CU also jointly offer life insurance to home credit borrowers, and insurance for BZ WBK credit card holders (under the "Your security" trading name).
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Information:
Bohdan Bialoruck
Telephone: +48 22 557 43 41
E-mail: bohdan_bialorucki@cu.com.pl
For further information, see www.cu.com.pl
Notes to editors:
Commercial Union Poland Group is part of the international Aviva group – the world’s sixth largest insurance, savings and investments group, and the largest in the United Kingdom by revenues. Aviva Group operates in over 25 countries. It occupies a strong position in the European Union, including United Kingdom, Ireland, France, the Netherlands, Spain, Italy and Poland. Worldwide, Aviva group services over 30 million customers and manages assets valued at over Ł290 billion. For additional information, see the website www.aviva.com