Baku, Azerbaijan, June 25
By Emin Aliyev - Trend:
The expansion of the sale practice of insurance policies in installment will become the driver of sales growth in Azerbaijan, Deputy Board Chairman of Bakı Sigorta JSC Ramin Mammadov told Trend.
"Many of our products can be paid partially. The application of this practice is more profitable also because the population already had a fairly clear idea of what is Installment selling, a culture of buying on loan has been formed. The sale of policies in such way is profitable for customers also because there is no any interest - just the amount of payment divided into six or 12 equal parts. Thanks to this the company's customer base, especially on complex CASCO insurance doubled more than two times in just the last year ," he said.
The company intends to continue to work on the expansion of the product line.
"We expect to launch on the market two new products by the end of the year, both in the field of automobile insurance. I think that the launch of the first product will be held in August. Specific timing will depend on the current market situation," Mammadov said.
Bakı Sigorta JSC collected 1.14 million AZN in January-May, according to the Azerbaijani Ministry of Finance. The company has made insurance payments on 0.99 million AZN from the beginning.
Bakı Sigorta's controlling stake is owned by Bank Respublika OJSC (51 percent). The company has operated since August 28, 2007 and has a perpetual license for rendering 25 voluntary types of insurance services.
The official exchange rate on June 25 is 0.7843 AZN / USD
Edited by CN