Sberbank insurance enters VHI market

Jul 21, 2021

Sberbank insurance, a Sberbank subsidiary, has entered the voluntary health insurance market (VHI). Having partnered with Ingosstrakh insurer, it rolled out Your VHI, an affordable policy for individuals letting them receive quality medical help across a wide network of clinics throughout Russia.

Your VHI can be taken out in a few minutes using the SberBank Online mobile app or the Sberbank insurance website without filling out a health form.

The policy includes several bundles you can choose from. The basic one features a wide list of outpatient medical care: consultations with GPs and specialist doctors, instrumental and laboratory tests, including PCR tests, physiotherapy, and massage, as well as home care. The standard one also includes emergency calls and inpatient care. The extended one, apart from all the aforementioned services, includes dentist services. The insured value a policyholder can count on varies from RUB 2 mn to RUB 6 mn depending on the bundle.

Clients will have access to over 5,000 private and public healthcare institutions in 83 regions of Russia. Policies can be taken out for children (from birth) and adults (until 69 years of age), with prices depending on the region and bundle.

Your VHI works through co-payments, where customers pay 20% of the bill for outpatient clinic or dentist’s services, which delivers the optimal ratio of medical services to policy price. Co-payments will be made with the bank card the customer specifies when signing up, but they do not apply to inpatient treatment and emergency services, as these two healthcare services are fully covered by insurance companies.

Sberbank insurance is consistently entering the market segments it was not presented in. The company has already rolled out CNC insurance for individuals and is launching MTPL policies until the end of 2021. Today, we are announcing our first product in the VHI market, the second largest segment on the risk insurance market for policies outside of the lending vertical. The key upsides of Your VHI for customers are high affordability in terms of price, geography, coverage of services and age of policy takers, as well as a quick online procedure that does not require filling out a health form. Taking out a VHI policy at Sber will soon be made even simpler and easier: in the next few months we are set to offer VHI policies at SberBank branches in addition to the currently available online channel.

Natalya Alymova

Senior Vice President and Head of Wealth Management, Sberbank

Participating in this project is crucial for us. Ingosstrakh has accumulated unique VHI experience, being a leader in the development of new products and innovative services, and it is extremely important for us to share our expertise. Together with Sberbank insurance, we will provide a wide audience with access to quality VHI products with high customer value.

Dmitry Popov

Deputy CEO for VHI, Ingosstrakh