Azerbaijani-Turkish insurance company first automates control system in insurance market
Azerbaijan, Baku, July 11 / Trend A. Akhundov /
The Azerbaijani-Turkish insurance company Basak İnam Sıgorta plans to complete implementation of an automated control system by the end of 2011, the chairman of the company's board Orhan Hasanov said.
"As our company first implements such a system in the Azerbaijani insurance market, there is a lot of unplanned work," Hasanov said. "We hope to launch the system through the end of 2011. About 80 percent of the work will be done."
The automated system was launched by the company two years ago.
A new program allows extraction from insurance certificates in an automated manner, to make accounting reports, to carry out reinsurance operations, calculation of payments, and all other processes.
"The program will count the risk and indemnity in issuing the permit," Hasanov said. "A customer can make a payment by credit card."
Hasanov said that counting the risks remains the most difficult issue when using such a system.
"Only after an actuarial business works effectively in the market will these systems benefit," Hasanov said. "The system gives the wrong results requiring manual corrections."
Hasanov said that the system is implemented on the basis of the Turkish production union worth about $1 million. But it cost $200,000 for Başak İnam with the help of shareholder Groupama.
The Azerbaijani insurance company Basak Inam has been operating in the market since 1996.
The Turkish company Groupama-Groupama Sigorta A.S., a daughter company to the largest insurance company in France and Europe and operational in 15 countries, owns 49 percent of company shares. The remaining 51 percent belongs to Azerbaijani shareholders, including TuranBank, AzerTurkBank, Aqrarkredit and other financial groups. The company renders 31 types of insurance services.