Azerbaijan’s Standard Insurance OJSC introduces Cobrand cards

Economy Materials 26 February 2020 11:07 (UTC +04:00)
Azerbaijan’s Standard Insurance OJSC introduces Cobrand cards

BAKU, Azerbaijan, Feb. 26

By Yusif Aghayev - Trend:

In order to improve the system of payment of insurance claims and ensure transparency of financial activities, Azerbaijan’s Standard Insurance Open Joint Stock Company has introduced Cobrand cards, Trend reports referring to the company.

Cobrand cards, issued by the company jointly with local Rabitabank, are the result of their close cooperation.

Customers of the insurance company will now have the opportunity to receive insurance compensation through the indicated bank cards. These cards are issued to customers free of charge, and supported by global payment systems.

Chairman of the Execitive Board of Standard Insurance OJSC Kamran Babayev noted that the implementation of insurance payments through these cards will make it possible to make the corresponding payments more quickly, which will affect the level of customer satisfaction.

In addition, the customers will not have to spend time visiting the company’s office in order to receive insurance compensation. In addition, the introduction of this system will help to fix and analyze statistics on insurance payments made faster.

The transfer of insurance payments to the format of cashless payments will also speed up the process of settlement of insurance claims. Cobrand cards are issued in manat.

Standard Insurance OJSC was established in 2002 as a full-fledged insurance company operating in the non-life insurance segment.

To this date, the company has a license to carry out four compulsory and 24 voluntary types of insurance.

Based on the results of activities in 2019, the company collected insurance premiums in the amount of 14 million manat ($8.2 million) and paid insurance indemnities in the amount of 5.4 million manat ($3.1 million), ranking 14th in the ranking of domestic insurers.

There are 22 insurance companies and one reinsurance company in Azerbaijan.