BAKU, Azerbaijan, November 5. The Central Bank of Azerbaijan (CBA) is implementing a number of reforms in the development of the insurance sector, Director of the Insurance Activity Policy and Supervision Department of the Central Bank of Azerbaijan (CBA) Vusal Gurbanov told Trend.
According to him, the basis of these reforms is digitalization.
"Digitalization increases efficiency, and transparency, and leads to the automation of processes. CBA believes that the implementation of these initiatives will increase the availability of insurance services. Another of our projects in the insurance sector is to increase the efficiency of interaction between the insurance company and the insurer," Gurbanov said.
As you know in the case of an insured event there are disputable issues between the insurer and insurance company and we are going to reduce this problem to zero through this project. Also, we are working on eliminating problems that appear in the period of assessment of the cost of an insured event. In this direction we are working to strengthen the work of independent experts, and are making appropriate reforms, including planned changes to the legal framework," he stated.
Gurbanov pointed out that the regulator also pays great attention to the strengthening of the human resource capacity of insurance companies.
"In this direction, Central Bank holds appropriate meetings for local insurance companies with international institutions and insurance organizations, experts in this field," he added.