“Digital identification, automated damage assessments, open insurance, and AI-based supervisory models will become the new standards of insurance,” Vusal Gurbanov, Chief Executive Director of the Central Bank of Azerbaijan, said during his speech at the Turkic States Insurtech Summit held in Baku, APA-Economics reports.
He emphasized that the Turkic States Insurtech Summit is a clear example of mutual cooperation and interaction among these countries. It serves the purpose of building joint innovation and digital platforms.
Vusal Gurbanov noted that insurance today is being shaped not by classical principles but by innovations driven by technologies. Artificial intelligence, big data, and blockchain have made the insurance sector more transparent and customer-centric. In recent years, digitalization in Azerbaijan’s insurance industry has significantly expanded. Compulsory insurance types are now implemented through a unified electronic system in the country.
He added that growing competition in both the Azerbaijani and global insurance markets has turned InsurTech into a leading force in the sector. All these developments enhance customer loyalty while reducing insurers’ costs.
Vusal Gurbanov also stated that Azerbaijan is ready to share its experience in insurance digitalization with the brotherly Turkic states.
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