Development Director of Virtu Systems Andrey Ryabov spoke at the XIII International Conference “Insurance in Central Asia”, which took place in Almaty on April 9-10, 2019. He presented the current trends of Russian insurance market, cases of sales automation and cases of insurance marketplace creation.
This year one of the major topics of the conference was searching for drivers which are to develop the insurance industry via digital technologies. Online sales of insurance products were brought into effect at the legislative level in Kazakhstan on January 1, 2019. 3 279 insurance contracts of compulsory motor insurance (ОС ГПО ВТС) were issued in the 1st quarter 2019, the number is growing every month. A new sales channel has increased access to insurance services and created conditions for the development of competition. The transition of insurance to online leads to the development of the product line and services. The address to the client directly allows to set up cross-sales of financial products, but currently there is no platform in Kazakhstan, which would give the client the opportunity to purchase several financial products at the same time.
Virtu Systems has developed an ecosystem which collects a set of financial products on the one platform. The product offer is based on customer data, which allows to offer only potentially interesting products at the appropriate time. It increases sales and helps build long-term customer relationships.
The International Conference “Insurance in Central Asia” gathers leaders of insurance, broker, consulting and IT companies of the countries of Central Asia, the Customs Union and the Caucasus. We thank colleagues from InterConsult Info for the opportunity to speak.