Georgian TBC insurance discusses challenges in 2020

Business Materials 30 December 2020 15:08 (UTC +04:00)
Georgian TBC insurance discusses challenges in 2020

BAKU, Azerbaijan, Dec. 30

By Tamilla Mammadova – Trend:

The average annual growth of Georgian TBC insurance during the last 4 years was 28-30 percent, Trend reports via Georgian media.

"The main results of the recent period are that we are the unconditional leaders of the retail insurance at the end of the year. The number of beneficiaries in TBC insurance is 3-fold higher and a similar increase is planned for next year as well," said Paata Ghadzadze, General Director of TBC Insurance.

As Ghadzadze explained, the company had three types of challenges in 2020 due to the pandemic.

"The first was the transformation of the system and bringing employees on the remote mode, which did not turn out easy," he said.

Nevertheless, in a month and a half, both the bank and the insurance company made a systematic adjustment. The second challenge was the inconvenience in the process of selling insurance policies, we solved it in a week.

"And the third challenge was the compensation process. We have 67.8 percent of paid policies with high customer engagement. Two directions will be important in TBC insurance, the first is new life insurance products, and the second will be the digitalization process," explained the General Director of TBC Insurance.


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