Azerbaijani insurance company will offer new products for banks and leasing sector

Azerbaijan, Baku, Oct. 28 / Trend A.Akhundov /

The Azerbaijan International Insurance Company (IIC) is considering the possibility of creating new products on the basis of the already existing in the local insurance market, Company CEO Feyruz Novruzov said.

"We have a permission to provide services on 37 types of insurance, including five compulsory. There is no need to obtain permission for new types, and we suggest the creation of new products on the already existing types," Novruzov said.

According to him, the company is negotiating with its partner banks to develop new joint products.

"The company also insures the mortgaged property of clients of the International Bank of Azerbaijan (IBA) and AGBank, RoyalBank, Bank of Baku and other banks. We do not want to limit our activities with this. We are negotiating directly with our partners, first with the IBA to establish new joint products that are of interest of ourselves and the banks. I do not want yet to disclose the secrets, but it will mean an opportunity to attract new customers for us and them ," Novruzov said.

According to him, IIC also considers the creation of new products for the leasing companies.

"In addition to banks, we work with the leasing companies, particularly, with the Joint Leasing and Qafqaz Leasing. Yet, we insure only the equipment provided by companies to lease. However, we plan to create new products to leasing companies. At present, the company continues the process of identifying effective ways that may be interesting for both of us," Novruzov said.

He said the company will also provide additional services for VIP-clients.

"Today we are developing criteria by which these or other customers will be included to VIP class. On the basis of the VIP-clients list, we will provide additional services designed just for them," Novruzov said.

However, Novruzov noted, the company does not think to engage in life insurance in the next two years.

"Of course, as one of the leading companies in the insurance Azerbaijani market, we should think about life insurance. We have this issue in our agenda, but we do not plan to engage in this type of insurance in the near future. To this end, we must create a separate company and there very few experts in this field in Azerbaijan to solve organizational questions. That is, a lot of work should be done, so we still sit on the fence," Novruzov said.

Novruzov said the company plans to introduce a new insurance service with opportunities for IT-systems.

"As you know, our company is the first company in Azerbaijan that provided an opportunity for consumers to purchase policies for traveling outside the country through its web site. At present we are working with the processing company "Azəricard" to introduce a new service that should be a pleasant surprise for our existing and potential customers. We plan to complete the implementation of this service by late 2010," he added.

IIC was established by the International Bank of Azerbaijan (IBA) and passed the registration on Feb. 5, 2002. The company has been operating as a licensed insurance company since April 2002. The company currently provides high quality services on 37 types of voluntary and compulsory insurance.

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