Azerbaijani insurance company intends to expand online sales (Exclusive)

Baku, Azerbaijan, Oct. 26

By Anvar Mammadov – Trend:

Azerbaijan’s Ateshgah Insurance Company is working to expand online sales of insurance products, Azer Aliyev, chairman of the company’s board, said in an interview with Trend.

He said that today IT-technologies are changing many sectors, including insurance.

"Today we are working on creating a platform where customers could purchase our products using the company's website,” he said. “We are developing mobile applications. There are legislative and technical issues. But today, through Ateshgah’s website, our customers can purchase three products, namely, compulsory civil liability insurance of vehicle owners, compulsory insurance of real estate and travel insurance, etc.”

Aliyev said that the insurance company will also continue to develop the agency sales channel in 2018.

"The agency sales channel has been developed after the introduction of compulsory types of insurance in 2010,” Aliyev added. “Agency sales channel is good because a considerable number of the country’s citizens were provided with jobs. One can say that a new profession was created. To be an insurance agent is very convenient.”

“Unfortunately, there are small problems, especially in regulation, licensing of agency activity. Today, the insurance agent does not bear any financial responsibility, so it is very important for the agent to know about the product which he sells,” he said.

Ateshgah insurance company was established in 1996 and the license for activity was granted in 1997. As of late 2016, the company’s share capital was over 5 million manats.

The company’s assets amounted to 41.55 million manats, liabilities - 26.65 million manats in early 2017. The company completed 2016 with a profit worth 356,720 manats.

The company’s premiums amounted to 27.86 million manats and payment of claims - 11.66 million manats in January-September 2017.

(1.7002 AZN = $1 on Oct. 26)

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