BAKU, Azerbaijan, July 29
By Fidan Babayeva - Trend:
Most of the Azerbaijani insurance companies have begun to create new insurance products and to introduce them in the country, Azerbaijan Insurers Association (AIA) told Trend.
According to the AIA, Ateshgah Insurance OJSC has created a product ‘Arxayın qonşu’ (Confident Neighbor) in the field of property insurance.
Ateshgah Insurance also launched a new unique insurance product - ‘Anti-coronavirus’, to minimize material losses of people during the COVID-19 pandemic. PASHA Insurance, A-Group, Gala Insurance, Xalq Insurance and other insurance companies have provided benefits and additional offers to increase compulsory motor third-party liability insurance (CASCO) insurance and increase public interest in this product, the association said.
“Currently, there are 20 insurance companies in Azerbaijan, which offer customers 30-40 insurance products. Given the current economic and demographic situation (population size), this is quite satisfactory,” the association noted.
“Companies should strive to sell their products with proper information, education, in addition to must-have products. It depends on the right sales strategy. But if to look at the figures of the last five years, it can be said that the companies have made positive progress in this direction.”
“If the share of insurance in the country's GDP is three percent in the future, it will be possible to create and sell new products,” noted the association.
“At present, the main focus is on building customer confidence, communicating risks, insurance products and improving the insurance culture,” the association added.
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