Innovative development of banks and insurance companies cooperation in the countries of Asia

The subject of the study is the totality of economic relations associated with the integration processes of banks and insurance companies in the financial market. The main goal of the research is to determine the features of innovative development and generalize the experience of cooperation of banks and insurance companies in the context of globalization in the financial markets of Asia. Methods of research. The study is based on the use of statistical data on the state of development of bank insurance in Asian countries, scientific works of domestic and foreign scientists. The set of scientific methods of analysis, synthesis, generalization, and approaches is applied in the work, including: system, comparative, historical, which allowed to realize the conceptual unity of the research. Results of the work. The article reviews the development of bank insurance in Asian countries, highlighted the most important current trends of innovative development of cooperation between banking institutions and insurance companies. It is proved that the world market of bank insurance acquires more and more importance and has a positive dynamics of growth rates. On the financial market, yearly bank insurance agreements are concluded that allow insurers to enter new markets and win customers of banking institutions. Examples of buying insurers by banking institutions are not uncommon. The study determined that bank insurance is designed to ensure the diversification of banking services, to provide opportunities for obtaining additional income for banks, to promote the development of the insurance market by increasing the collection of insurance premiums and to realize the idea of synergy between the two partners. Scope of application of the results. Use in the process of further theoretical research problems of innovative development of bank insurance, as well as in the practice of insurance companies and banking institutions. Conclusions. To perspective markets with high growth rates of the bank insurance channel in the segment of life insurance in Asia and the Pacific, India, Singapore, Thailand, Indonesia, Malaysia should be included, where growth will be stimulated by the entry of large foreign insurance companies and a favorable macroeconomic environment. It has been established that over the past five years in Asia there has been an increase in the number of bank contracts for the distribution of insurance products. In order to diversify services, due attention is paid by banking institutions not only to the lifestyles market, but also to the risk insurance market. It is proved that the determining factor in the further development of bank insurance will be the growth of public confidence in financial institutions.