Daniela Zagnitco. I found the answer to the clients’ question: “What happens if…?”

Bancassurance Product Owner at maib, Daniela Zagnitco, in an interview with Pavel Zingan 

Daniela, when we met last year, you mentioned that maib is the first bank in Moldova to enable the online purchase of insurance policies through the maibank app. At that time, you also said that this was just the first step in integrating insurance services into banking products. What were the next steps?  

We developed an entirely new insurance product for the Moldovan market, fully integrated with one of the most important banking services – consumer loan. 

The first thing that comes to mind is appliance insurance, but those are still under warranty... 

It’s something different. Although, you happened to mention the key question that formed the basis of our new product. 

Which one exactly?  

“What happens if...?” In the case of appliances still under warranty, if they break down, you turn to the seller. That answers the question: “What happens if my washing machine or TV stops working?” But a person taking out a consumer loan has a different question: What happens with the monthly payments if I become seriously ill, lose my job, or – something nobody wants to think about, but which does happen – in the event of death or disability? 

And maib now offers solutions that answer the question: “What happens if…?” 

Yes. This project involved not only our insurance team but also the team handling loans. Because when we talk about this insurance, it doesn’t exist separately – it comes bundled with the loan. 

What risks are covered? 

We identified four key aspects in total: extended medical leave (over 15 days), loss of employment, severe disability, and death from any cause. 

Can all of this be managed online at the time of taking out the loan? 

Yes. Now, when you take out a fully online consumer loan, you have the option to add the insurance. It is available for new loans. But we also thought about those who took out loans before this service was launched. Even those clients can add the insurance afterward. They just need to enter their loan details and select the option to add the insurance. 

How much does the insurance increase the cost of the loan for the client? 

This was a fundamental question for us: how much is the client willing to pay extra for peace of mind? We asked hundreds of people. To make the discussion more practical and less abstract, we framed the question like this: is your peace of mind worth the price of a coffee per month? Or a pizza? 

And what formula did you arrive at? 

We now offer two insurance packages for credit payment-related risks: Basic and Extra. 

What is the difference between the Basic and Extra packages? 

The Basic package covers extended medical leave and disability. The Extra package includes the same coverage as Basic, plus job loss and death. 

On what principles is the compensation based? 

Let’s take the most common case – extended medical leave. If you are unable to work for more than 15 days, the insurance company covers one installment. For 30+ days, two installments; for 60 days, three installments. Over the entire duration of the loan, a maximum of nine installments can be covered. The same principle applies roughly to job loss. 

In cases of disability or death, the insurance company pays off the remaining loan balance. For example, if your loan was 30,000 and you’ve already paid 10,000, the remaining 20,000 is covered by the insurance. This is the main difference: either coverage of the monthly installments or coverage of the remaining principal. 

So, in the event of an irreversible event, the remaining amount is covered, and in the event of illness or unemployment – ​​the monthly payments. 

Exactly. We developed these solutions together with the insurance company so that the client feels comfortable, without feeling burdened, while knowing that the bank is looking out for them. And, very importantly, it’s not just about saying we’re there for the client if something happens – we actually provide a concrete tool to answer the question, “What happens if…?”. 

Is everything digital? No need to go to the insurance company? 

Exactly. You can report an insured event directly through the maibank app. Just select what happened – for example, a medical leave – enter the start and end dates to confirm that 15 days have passed, attach a photo of your medical certificate, and submit the form. Within five days, the insurance company will transfer the money to the same account from which you pay your installment. Moreover, the credit insurance cannot be contracted in branches. Of course, our colleagues can help you understand how to do everything online. Maib is a digital-first bank, and we designed this product from the ground up to be fully digital. Digital-first is our guiding principle.  

Insurance payments are monthly, and the loan term can be 3 or even 5 years. What happens if the client changes their mind? For example, if something comes up and they want to cancel the insurance. Is that possible? 

Of course. That was our promise—to make the product as simple and convenient as possible for the client. Insurance is optional, not mandatory. If a client has taken a loan with insurance but changes their mind, they simply stop paying for the insurance. If no payment is made for 14 days, the insurance is automatically canceled on the 15th day. That’s it. No application or paperwork is needed. Everything is very straightforward. 

In conclusion, has maib taken on all aspects of communication with the insurance company, significantly simplifying clients’ lives and, most importantly, saving valuable time? 

Everything necessary for the insurer to pay the compensation can be done directly through the maibank app. There is no need to send anything else to the insurance company. We promised to put the client at the center of our attention, and we keep our word. In the case of consumer loan insurance, we make our clients’ lives a little calmer and less stressful.