OREANDA-NEWS. On 03 June 2009 was announced, that Autoprofi, a motor hull insurance product developed by the expert team of IJSC Ingosstrakh and launched in the Russian insurance market back in September 2008, has become available to the insurer’s Ukraine-based clients. This insurance policy is offered through the offices of INGO Ukraine, the Russian insurer’s Ukrainian affiliate.

As well as the Russian equivalent, the Ukrainian product is designated for experienced drivers with flawless record. The client is free to choose loss compensation format even after the occurrence of loss, whether in the form of compensation of the cost of repairs in technical & repair centers or with official dealers of the world’s car manufacturers, or a cash compensation, and is eligible to a 20% discount on the price of the policy. The only difference between the Ukrainian and Russian products is the size of the discount on the price of the policy in case of insurance against loss of a vehicle that is older than 2 years, subject to the client’s willingness to repair, upon the reference issued by the insurer, with a maintenance station that is not an official dealer. In this case the discount will be 32% vs. 36% in Russia. The difference takes root in the process of the statistics-based adaptation of the insurance terms to the actual environment of the Ukrainian market. Ukrainian clients can also choose to receive their compensation in the form of cash.

Autoprofi in Ukraine, as well as in Russia, stipulates franchising in the event of the second and all subsequent losses. Its size is 3500 hryvnas. According to statistical information, the majority of clients refer to the insurer no more frequently than twice a year.

According to Tatiana Kaigorodova, the Head of the Direct Investments Division of IJSC Ingosstrakh, ‘this is our first experience of launching a Russian insurance product abroad with the assistance of our local affiliate. This experience will have a positive effect on achieving our strategic goals, i.e. company capitalization increase and creation of a favorable environment to achieve synergic effect throughout INGO Group. The insurance markets in Russia and Ukraine have much in common, including the scale of client demand for franchise policies. In times of crisis, franchise enables people to generate real savings. In future, Ingosstrakh may launch equivalents of its other products in Ukraine and other CIS countries where it operates through its affiliates, she added.