Azerbaijan to use new agricultural insurance mechanisms
Baku, Azerbaijan, January 17
By Huseyn Valiyev – Trend:
Azerbaijan is expected to use new insurance mechanisms in the field of agriculture, Kamran Babayev, chairman of the board of Azerbaijan industrial insurance company, told Trend.
Babayev emphasized that development of online sales and the use of new types of compulsory insurance are also expected this year.
"The market of compulsory insurance will develop in the direction of online sales. Compulsory insurance is observed to have greater demand than voluntary insurance. The creation of new types of compulsory insurance could contribute to the development of both the sector as a whole and the proposed individual types of voluntary insurance services. I am also expecting an increase in the agricultural insurance market. The development of the insurance market in the country is on the rise and I believe trend will continue throughout this year,” Babayev said.
He underlined that the use of innovations in the insurance industry is an important component.
“Innovations will be used to automate processes, particularly in the field of online sales, online regulation of insurance claims, receiving electronic documents necessary for insurance payments and etc. Nowadays, the share of online sales in total sales is insignificant and there is a need to develop this area,” Babayev stated.
Babayev noted that customers become more demanding for insurers. Before customer expectations were related to the fulfillment of obligations by insurers, while today customers expect a prompt response and convenience from insurance companies.
"Therefore, in order to satisfy the needs of a client, insurance companies have to fulfill their obligations in the shortest possible time," said Babayev.