Digitalization of services to contribute to insurance market dev't-Azerbaijani association
BAKU, Azerbaijan, Nov. 15
Electronic commerce and automation, as in all other areas, are essential in the insurance sector, Mammad Aghayev, Advisor to the Executive Director of the Azerbaijan Insurers Association (AIA), told Trend.
According to Aghayev, the modern period requires the introduction of digitalization and the method of electronic services is used in many insurance products.
In the near future, it is expected that the stages of collecting documents will be ensured by electronicization in the contracting process for all services present in the sector, he said.
"The electronization process is important not only in terms of ensuring security, but also in terms of saving time. This issue is constantly on the agenda and today it is considered possible to implement this project in the very near future," Agayev stressed.
The AIA representative noted that compulsory real estate insurance and compulsory civil liability insurance of vehicle owners take special place among the types of insurance for which positive development trends are observed.
"The insurance market in Azerbaijan is quite young compared to the world insurance market, but it develops every year. We believe that the process of full electronicization of insurance services will accelerate in the near future, which will contribute to even greater development of the sector," Aghayev said.
The Azerbaijan Insurers Association was registered on December 29, 2006. Currently, 21 insurance companies and one reinsurance company operate in Azerbaijan.