Digitalization to drive insurance market development in Azerbaijan

Technological approach and digitalization will become driving forces behind the development of the insurance market in Azerbaijan, Viladi Maniyev, Chairman of the Board of Directors of AzInsurance, told Trend on Friday.

He believes insurance companies should focus on opening new sales channels and apply a new technological approach in parallel to it.

“Currently, this area is quite strongly developing around the world. New insurtech startups are being formed.”

“Today, the share of online sales of insurance policies in the country is scanty and barely reaches 5 percent. It is necessary to implement incentive programs, perhaps even introduce some revisions to the legislation,” Maniyev said.

Maniyev added that a 15 percent discount for online policy purchases may be one such stimulating method.

According to Maniyev, compulsory insurance services accounted for the largest volume of sales in 2018.

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