Azerbaijani insurance company to go automatic

Business Materials 31 August 2012 14:01 (UTC +04:00)

Azerbaijan, Baku, Aug. 31 / Trend A. Akhundov /

Azerbaijani-Turkish insurance company Basak İnam Sıgorta plans to implement an automated control system on all its products by late 2012, director of the Business Development Department Hikmet Allahverdi told Trend on Friday.

A new programme envisages an opportunity to give an extract from the insurance certificates, to prepare financial reports, to make operations on reinsurance and calculations of payments in a place of the insured event and all other processes.

"There is an automated insurance policy sale system in such products as travel, accident and voluntary insurance (CASCO)," he said. "We will launch online sales in all product lines by late 2012."

An automated system implementation in the company began two years ago.
"The programme will calculate the amount of risk and recoveries and then issue the certificate," chairman of board Orkhan Hasanov said earlier. "A client can now make a payment by credit card with the help of this system."

He added that the system is being implemented using Turkish software worth about $1 million. It cost Basak İnam $200,000 with the support of the Groupama shareholder.

Basak-İnam Sıgorta Sirketi has been operating in the insurance market of the country since 1996. Around 19.95 per cent of the shares are owned by the Zamin bank, 48 per cent fall to physical entities, Groupama Sigorta A.S. (Turkish subsidiary of the largest insurance company in Europe Groupama) - 17 per cent, Turanbank - 8.5 per cent, AzerTurkBank - six per cent and the non-bank credit organisation Aqrarkredit - less than one per cent.