Baku, Azerbaijan, Oct. 31
By Anvar Mammadov – Trend:
Azerbaijani insurance companies need to develop cross-selling, Azer Aliyev, chairman of the Board of Ateshgah Insurance, said in an exclusive interview with Trend.
“Today, it is obvious that compulsory types of insurance are no longer profitable,” he said. “I am sure that after a while, insurance companies will realize how important it is to seriously develop cross-selling by offering voluntary types of insurance to customers who already have compulsory types of insurance. As for our company, we will try to develop the services consumers need.”
Touching upon greater development of compulsory types of insurance in comparison with voluntary ones, Aliyev noted that this is mainly due to the fact that compulsory insurance services are sold easier.
He noted that compulsory types of insurance should include two tasks - social and stimulating ones.
“First of all, this is a socially important type of insurance - its goal is not to earn money on the population, but to provide the population with certain financial protection in case of accidents,” he said. “Today, compulsory types of insurance in the Azerbaijani market fully fulfill this function. The second task is to stimulate public interest to voluntary types of insurance. In this direction, insurance companies themselves should make efforts, correctly inform, promote and provide exactly the product that customers need. Our state has done a great job during the last 7-8 years, and the insurance sector has made a significant step forward.”