Azerbaijan, Baku, Dec. 7 / Trend A. Akhundov /
Competition between insurance agents in the Azerbaijani market will grow, the head of the State Insurance Supervision Service under the Finance Ministry Namig Khalilov said in his speech at the first national forum of insurance agents in Baku on Friday.
"Today, the competition among insurance agents is not high, but over time it will grow. There are a number of reasons for this. If today the number of insurance agents in Azerbaijan exceeds 600, in a few years the number could reach thousands," Khalilov said.
In addition, following changes to the insurance legislation, the sale of insurance policies will begin with the compulsory insurance of vehicle owners (CTP) through the Internet and mobile phones, it will affect the business of insurance agents. According to him, for example, in Latvia, 70 percent of compulsory civil liability policies will be sold through the Internet.
"In addition, the role of banks will also increase. Therefore to maintain their position in the market, insurance agents have to improve their professional skills. Advantages of these sales channels over the others is that along with the purchase of the insurance policy, people, want to get advice, tips and so on, and, in order to provide that required service, insurance companies should be prepared for it, " Khalilov said.