CitiInsurance sales strategy through Bank Handlowy begins to pay off

CitiInsurance Polska, a newcomer to the insurance market, has been exc lusively selling its products through Bank Handlowy (BHW). The strategy the company has employed, known as bancassurance, should result in profits within two years. "We started with addressing our offer to those who take loans from BHW. So far, we have had 15,000 clients," said Seshadri Rangan, the director of CitiInsurance Polska. The company offers six types of insurance, all connected with products offered by BHW, such as life in surance for those taking loans, opening new accounts and for owners of BHW's credit cards. In the future the company may cooperate with other financial institutions. CitiInsurance Polska came into existence at the beginning of 2002 after Energo-Zycie had been purchased from Nordea Ubezpieczenia by CitiInsurance International Holding, which already operates in 43 countries. The purchase is estimated to have cost $16 million. "Bank Handlowy has 700,000 clients. We are planning to win as many of them as possible," said Michael Froman, the president of CitiInsurance International Holding. (Puls Biznesu, p. 7) K.Z.