As much as 60% of Sberbank customers renew their mortgage insurance policies online as it is cheaper, faster and more convenient.

The metric increased by 15% and reached 60% in 1H20, compared to 45% in 1H19.

These are real estate and life insurance agreements signed with the bank's subsidiaries Sberbank insurance and Sberbank life insurance.

The policies must be renewed every year. The timely renewal of life insurance agreements enables customers to keep the interest rate at the same level, and the loan agreement implies that a real estate insurance policy must be signed.

The number of renewed policies online also increased to reach 685,000 in six months 2020 compared to 400,000 in six months 2019. A total of 1.1 mln mortgage insurance agreements were renewed in 1H20.

You can renew an agreement via Sberbank Online or on the DomClick.ru website.

Katrin Soomre, Director of Protective Insurance Products and Services Division, Sberbank,

'There are several benefits when applying for a mortgage insurance policy. The policy is cheaper when applying for it remotely than at a bank branch. Customers get their policies via e-mail, while information about agreements is sent to the bank automatically. The remote application for agreements becomes more and more popular among our customers. It was the main channel during the quarantine and will continue to be popular even as the lockdown is being steadily relaxed.'

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Sberbank of Russia published this content on 21 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2020 13:20:14 UTC