Insurance Digitalization Becoming Increasingly Relevant - Azerbaijan's PASHA Insurance

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 21. The issue of digitalization in the insurance industry is becoming increasingly relevant, Head of the Medical Agile Team at Azerbaijan's PASHA Insurance OJSC Murad Mammadzade said, Trend reports.

He made the remark during a panel discussion themed "Health Insurance in the Post-Pandemic Era" on the second day of the Azerbaijan International Insurance Forum 2024 (AIIF-2024) today in Baku.

"This discussion undoubtedly concerns each of us. Digitalization and digital optimization have been discussed for the past 20–30 years. Although artificial intelligence is currently at its peak of popularity, digitalization issues remain extremely important for insurance companies worldwide," he emphasized.

According to him, the main difficulties may be related to the nature of the business, outdated IT systems, or legal consequences in different countries.

"Interestingly, there is now a huge demand for digital solutions in various industries, especially among Generation Z and Generation Alpha. The availability of efficient digital solutions creates a competitive advantage for companies and meets customer expectations.

However, if digital transformation is not implemented in the coming years, it could lead to customer dissatisfaction. Digital optimization involves two main directions: cloud services and the development of healthcare technologies. Currently, we have a vast amount of health data about our clients thanks to wearable devices, smart watches, and fitness trackers," he highlighted.

Mammadzade also mentioned that this data allows the creation of personalized solutions for clients and the choice of convenient communication methods, whether digital, semi-digital, or traditional.

"Moreover, digitalization provides opportunities for preventive care. People can monitor their health and take measures to prevent or delay conditions such as asthma, dementia, or heart problems. These opportunities to integrate digital tools into insurance products are more important than ever. In the example of our company, PASHA Insurance, we can see how we accept client applications through mobile apps and websites.

After the pandemic, we noticed an increasing trend in using digital channels to interact with insurance companies, especially among the youth. They prefer digital methods of communication, avoiding phone calls and face-to-face meetings.

Thus, having quality digital solutions already gives a competitive advantage, and their absence in the future will lead to customer dissatisfaction. We need to consider these changes and actively adapt to them," he added.

To note, the first day of the forum was held on June 20.

The first day of the forum, organized with the strategic support of the Central Bank of Azerbaijan (CBA) and the Compulsory Insurance Bureau, the Association of Insurers of Azerbaijan, and 'Xprimm' International Company, featured speeches by CBA Governor Taleh Kazimov, Agriculture Minister Majnun Mammadov, Chairman of the State Agency for Mandatory Medical Insurance Zaur Aliyev, and other government officials.

The two-day forum is also featuring panel discussions on topics relevant to the local and global insurance markets, such as motor and health insurance, as well as the role of insurance in climate risk management.

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