Baku, Azerbaijan, Nov. 23
By Anvar Mammadov – Trend:
Sale of a new product of voluntary insurance of motor vehicles (CASCO) has started in Azerbaijan, insurance expert Khayal Mammadkhanli told Trend Nov.22.
The expert said that the new product, named "CASCO Boutique", was presented on Nov.15, and since that time the first customers have already purchased it.
"So far, the sales have been small, but it's normal. Clients should learn more about the product, learn about its advantages. After the presentation of the product, we carried out a number of works to improve our platform, so the product was not available for sale for several days. I think by the end of the year we will be able to report on the exact number of the insured," Mammadkhanli said.
The product, according to the expert, is the first joint insurance product of several companies in Azerbaijan. In addition, Mammadkhanli noted that the process of purchasing the product and further payment of insurance coverage is carried out completely in electronic format.
"The product can be purchased through a special platform All the conditions, types of coverage and other information are available on the website. Another innovation was that CASCO Boutique is a joint product of the brokerage company Zaman Broker and six insurance companies - AzInsurance, AtaInsurance, Qala Insurance, Gunay Insurance, Ateshgah Insurance and A-Group Insurance. The entire administrative work is carried out by Zaman Broker through the platform "CASCO Boutique. The insurance companies are involved only in risks and payment, while the participation of companies is a shared one. Each insurance company has a certain share in the product, on the basis of which it receives an insurance premium and makes payments. That is, if the client insured his car on one of our packages, for example, at a cost of 555 manats, then this amount is divided among six insurance companies according to their participation shares. - If the client should receive 3000 manats, then this sum is paid jointly by six insurance companies, "Mammadkhanli said.
Speaking about the advantages of the new product, the expert noted that that CASCO Boutique is affordable for the majority of the population of Azerbaijan. He said that according to research payments do not exceed 5,000 manats in 97 percent of insurance cases in the country,.
"And many do not have the opportunity to insure their car completely, paying at the same time 1000-1500 manat. We offer our clients four different packages - S, M, L and XL, insurance premiums for which are 222, 333, 444 and 555 manats respectively. At the same time, the client receives coverage from 2222 to 5555 manat, that is, everyone can purchase CASCO, ratably with their income, "Mammadkhanli said.