EVOLUTION OF BANK–INSURANCE INTEGRATION MODELS AND THEIR DEVELOPMENT VECTORS IN UKRAINE

Abstract

Introduction. The conditions of financial services digitalization, intensifying cross-sectoral convergence, and growing demand for integrated financial solutions bring to the forefront the study of bancassurance models as a key vector in the transformation of modern financial intermediation. For Ukraine, this issue is of particular relevance given the gap between the high level of digital maturity of the banking sector and the limited development of advanced forms of bancassurance.

Purpose. The purpose of the study is to systematize bancassurance models, identify the logic of their evolution, and substantiate priority directions for the development of banking–insurance integration in Ukraine.

Materials and Methods. The empirical and analytical basis of the study includes statistical data from the National Bank of Ukraine, analytical reports of international institutions, and scholarly works of domestic and foreign researchers. The research employs methods of theoretical generalization, systematization, comparative and systemic analysis, analysis and synthesis, as well as economic-logical generalization.

Results. Four core models of banking–insurance integration are identified: the distribution model, the strategic partnership model, the financial group model, and the integrated financial ecosystem. It is substantiated that their evolution should be interpreted not as a mere complication of organizational forms of cooperation, but as a shift in the dominant integration mechanism—from a sales channel toward digitally coordinated customer experience management. It is established that the distribution model prevails in Ukraine, while higher levels of integration remain fragmented. Systemic barriers to development are identified, including low insurance culture, uneven digital maturity of insurers, limited analytical integration, and institutional and regulatory constraints. It is demonstrated that following the 2022 shock, the Ukrainian insurance market has entered a recovery trajectory; however, this in itself does not imply an automatic transition to advanced bancassurance models. It is concluded that further development of banking–insurance integration models in Ukraine requires deepening institutional and technological integration, strengthening data-driven interaction between banks and insurers, and enhancing customer-centric product design within a unified digital environment.

Discussion. Future development of bancassurance models in Ukraine is associated with strengthening strategic partnerships between banks and insurance companies, expanding digital distribution channels for insurance products, implementing innovative formats such as embedded insurance, and harmonizing the regulatory framework with European standards.