Insurance market improves in Azerbaijan

Work is underway in Azerbaijan to automate the regulation of relations in the insurance market, in particular, new software is to be introduced, the chairman of the board of the Azerbaijan Insurers Association (ASA) Azer Aliyev told Trend in an interview.

The Chairman spoke about the new online insurance claims management system, which the Compulsory Insurance Bureau (CIB) will launch in the coming days.

He stated that the integration of the electronic CIB information system with the system of the Ministry of Labor and Social Protection of the Population of Azerbaijan is being carried out in electronic format in the field of issuing insurance policies for compulsory insurance against loss of working capacity due to industrial accidents and occupational diseases.

The head of the association also noted the Audatex Azerbaijan company, which is the initiator of the introduction of a unified insurance damage assessment system in Azerbaijan.

The head of the ASA stressed that after the approval of the new bill on the promotion of agricultural insurance in Azerbaijan, an increase in insurance fees in this area will be observed.

Aliyev also noted that the issue of professional knowledge of insurance agents is no less important. He stated that it is necessary to improve the qualifications of insurance agents in order to expand the scope of their activities, while providing services for various types of insurance, and not just compulsory.

He separately noted that compulsory property insurance requires revision and correction. Aliyev underlined that the mechanisms of control and punishment are not defined. He also believes that this type of insurance should be automated to increase efficiency.