BAKU, Azerbaijan, Feb. 24
By Yusif Aghayev – Trend:
The system of registration of insurance claims within compulsory liability insurance of vehicle owners has been improved in Azerbaijan, Chairman of Board of Standard Insurance company Kamran Babayev told Trend.
A meeting on the introduction of electronic document management in the process of registering insurance cases (traffic accidents) as part of compulsory liability insurance of vehicle owners has been recently held.
Head of the PR department of the Main Directorate of the State Traffic Police of the Azerbaijani Interior Ministry Kamran Aliyev, executive director of the Azerbaijani Compulsory Insurance Bureau Rashad Ahmadov, heads of several domestic insurance companies attended the meeting.
A decision was made in October of 2019 to draw up a reference on a traffic accident (Form # 4), necessary for registering an insured event as part of compulsory liability insurance of vehicle owners and sending it to the insurance companies in electronic form.
“The entire process of drawing up the specified document and sending it in electronic format to the insurance company takes no more than 10 days,” Kamran Aliyev said.
“A successfully implemented project will allow implementing the process of registration of insurance cases and paying insurance claims within compulsory liability insurance of vehicle owners more efficiently, thereby increasing customer gratification and confidence in insurance as a whole, as well as improving the investigation of insurance incidents and their registration in the electronic system of the Compulsory Insurance Bureau,” Rashad Ahmadov said.
Babayev went on to say and expressed gratification with the results of the introduction of electronic document management in the process of registering insurance cases within the compulsory liability insurance of vehicle owners.
"There is a system and it works,” Babayev added. “There are some technical difficulties, but I am sure that they will be eliminated with the lapse of time.”
Compulsory liability insurance of vehicle owners is carried out in Azerbaijan in electronic form without paperwork since January 1, 2016.
In general, the Azerbaijani insurance companies collected insurance premiums worth 100.4 million manat ($59 million) in 2019 on compulsory liability insurance of vehicle owners, which is 4.9 million manat ($2.8 million) or 5.2 percent more than in 2018 and paid insurance indemnities in the amount of 67.2 million manat ($39.5 million), which is 13.7 million manat ($8 million) or 26.5 percent more than in 2018.
Presently, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on Feb. 24)