Importance Considering the unstable political and economic situation in the global economy, it is relevant to ensure economic security through a robust mechanism for interaction of banks and insurance companies. Integration of banks and insurance companies not only accumulates internal investment resources boosting profit growth, but also ensures the stability of the entire financial system. It contributes to improving the standard of living, strengthening the social security of and support to population, and enhancing the sustainability of the national economy. Objectives The research aims at reviewing the existing formats and mechanisms for interaction of banks and insurance companies in the Russian financial market, analyzing dynamics and structure of the bank insurance segment, identifying difficulties in the segment and finding ways to resolve them. Methods Based on comparative and analytical methods, we review channels used to sell insurance products in the bank insurance segment of Russia, and identify legislative issues relating to interaction of banks and insurance companies. Results The article describes the most efficient formats for interaction of market actors in the bank insurance segment, and proposes measures to improve the formats. Conclusions and Relevance It is possible to ensure economic security in managing banks' financial resources provided that there is an effective mechanism for interaction of banks and insurance companies, thus reducing financial risks of banks, and providing more favorable terms and conditions for clients. In this respect, it is necessary to let consumers freely choose an insurance company and insurance product when providing them with information on insurance companies' financial stability, pricing and tariff policies, competitive advantages of insurance products.
Keywords: economic security, bank insurance, sales channels, interaction mechanisms
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