Baku, Azerbaijan, Apr. 21
Trend's interview with Niyaz Ismailov, the Chairman of the Board at PASHA Life Insurance
Which activities of “PASHA Life” in 2016 were marked by success?
As the previous years -2016, is remembered as a year of successful work in “PASHA Life”. Last year, in November, we were celebrating the 6th anniversary of the company’s registration. During this period we have gained a number of achievements and even won several international awards.
In terms of financial indicators, I can note that the volume of insurance premiums was 77.679 million manat for the last year, compared to 2015, it has been increased by 42.5 % this year. During the reporting year the volume of assets was reached 160 million manat and share capital volume was 40.250 million manat.
Of course, in addition to charges the insurance payments were high as well. According to last year’s various insurance accident, "PASHA Life" paid 45.907 million manat insurance payments. In contrast with the previous year the amount of payments was increased by 3 times.
Up to now, all insurance payments in "PASHA Life" were fully implemented in a timely manner without any delays and based on all the requirements of the legislation. It is obvious that one of the major points of interest for potential customers in insurance companies is the amount of insurance payments. Experience shows that the payments which were realized in a timely manner and its high amount increase confidence and trust of the customer to the company. That is why, we always attempt to realize all insurance payments in time.
In addition, I would like to note that all our gained achievements both in finance and other fields belong to every member of "PASHA Life" family. I think that 2017 would be more memorable for “PASHA Life”. As a professional team we are absolutely confident in it.
Which priorities are expected in this year after last changes in a company’s structure according to new Chairman of the Board?
-Any institutional changes is an ordinary process which can take place in the course of any business or organization. This process, of course, is always a good way to use. At present, the company re-designed its structure. It will create more opportunities in order to achieve the goals we have set. Creating the products on favorable terms to customers' requirements and for sale to other priority issues to be developed and introduced to the market will eventually lead to an increase in sales volume.
Is it expected to introduce new insurance products to the market by "PASHA Life" ?
-Yes, we plan to introduce new products to the market in relation to a life insurance product in the near future. All of these issues are a priority for us in this year. However, now, various life insurance products are offered to customers by the company. Moreover, newly designed insurance product will be introduced as a unique one. We hope that the new product will be accessible to everyone.
We also would like to know the predictions on the volume of insurance premiums by the end of this year.
-Generally, there are certain staretgies in any field, that focus on right directions. These strategies result in achievement of goals and they match with the companies’ predictions. As " PASHA Life" has always chosen appropriate strategies aligned with it is organizational targets, it has justified its predictions for certain periods
By the end of current year we are planning the increase in the volume of insurance premiums to 102 million. As in previous years, as a result of cost-effective and purposeful activity , we hope that our forecasts will be fully implemented by the end of the year.
World experience shows that the implementation of new technologies to the insurance sector lags behind comparing with banking and other sectors. I think that the situation is the same in Azerbaijan as well. We would like to know your opinion on this issue.
-Indeed, I absolutely agree with current situation and accept it. However, we are trying to implement new technology in frames of maximum context of legislation permission. The application of digitalisation is our major priority for the current year.
In addition, our webpage has been redesign as recently. The update is made by taking into account the modern-day mobile users. Besides, we are going to lunch a new mobileapplication for “Android” and “iOS” usedrs in the first quarter of the year.
Our webpage has been redesigned with the latest innovations and this one will be more convenient for the customers compared to the previous one. So, life insurance products are presented in a very comfortable way for the potential customers via an "apply online" form and a "personal cabinet" has been created for current customers. Our customers by using “personal cabinet” will be able to carry out all insurance operations. To sum up, our new customer-oriented webpage is designed for the convenience of the customers.
How does your company meet the requirements of the qualified and professiona staff? A lot of graduated students rejected by HR departments because of lack of experience. What will be your company’s approach in this case.
-Surely, as life insurance is a new sphere in Azerbaijan economy, it requires more professioanl specialists. Because of that, our company creates the opportunities for the professional development of its staff, provides various trainings in this field, as well as measures internal qualification trainings. As a result, employees achieve career growth within the company. At the same time, capable and skilled employees are filled at certain positions through the job rotation.
When it comes to the issues of hiring students, I can say that " PASHA Life" carries it out on the basis of special program. The implementation of this program started in July 2013. Our main goal is to increase the interest of students to the insurance sphere, along with expanding their knowledge and skills on this field. We do it through organizing free Master Classes on different topics of insurance in educational institutions and in our company as well.
We invite distinguished students to the test examination in order to continue their activity in our company.
In particular, it should be noted that trained 2,200 students have benefited from the 93 Master Classes under this program, and 6 of the participants have been provided with relevant jobs in “PASHA Life”.