Life with bonuses
In the life insurance group, the gap between the leaders and the rest in terms of net insurance premiums is also large. As of early 2023, according to the National Bank of Kazakhstan, the largest amount of premiums was made by Halyk-Life, a “daughter” of Halyk Bank of Kazakhstan, 121 billion tenge. The insurance premiums of LIC Nomad Life were 86 billion, LIC European Insurance Company - 54 billion and LIC Freedom Finance Life - 39 billion tenge. The net premiums of the four leading companies account for 81% of the total premiums of the group - 369 billion tenge.
In pursuit of commercial success, the group leaders also apply promotions and bonuses to customers. As part of attracting customers to conclude endowment life insurance contracts, Halyk-Life is holding a campaign for customers. Under the terms of the promotion, each client can receive a gift certificate for the purchase of household appliances or electronics in the amount of up to one million tenge. The certificate’s face value depends on the insurance premium’s term and amount under the insurance agreement. Thus, the company's customers receive both insurance coverage and a nice bonus in the form of a gift certificate. This promotion will last until the end of this year.
LIC Nomad Life promises its clients a guaranteed US dollar rate from 2% to 4.1%, highest in Kazakhstan, depending on the validity period of such a policy, on the Zoloto Nomadov foreign currency savings product. A high dollar return complements the main component of the product - a life insurance policy, that is, this product can provide both financial security and insurance coverage.
The life insurance company Nomad Life has been raffling off cars and other valuable prizes among the ZOLOTO NOMADOV policy holders for several years. For example, apart from a car, Kazakhstanis win a check-up (complete medical examination) in the best private clinics of the Republic of Kazakhstan and South Korea. Some become the owners of expensive home gadgets. The draws are usually conducted in three stages. However, the participation is not based on the number of policies, every $10,000 invested participate in the draw.
According to its press service, LIC Freedom Finance Life is preparing proposals for their clients. No promotions or bonuses were mentioned in LIC European Insurance Company in 2023.
General insurance companies
Insurance companies develop marketing strategies convincing the potential customers that these companies that make good money, and people go down the same road. It has been well said that: “If you have to live with a beast, you will learn to howl at least!” People often think that when signing a policy.
The conditions for Mandatory Insurance of Civil Liability of Motor Vehicle Owners are the same in all insurance companies and are regulated by law. The price of the policy depends only on such parameters as driving experience as well as registration region and age of the car.
In order to stand out against this general background, insurance companies attract attention of car owners with gifts, discounts, promotions, or drawings.
It seems that the advertising strategy of win-win drawings is working: the leaders in terms of attracted premiums attach the most gifts to choose from to the policy of Mandatory Insurance of Civil Liability of Motor Vehicle Owners.
The promotion of some types of insurance quite unconventional for Kazakhstan is also accompanied by pleasant goodies of insurers. Thus, for online insurance of pet cats and dogs, aged three months to seven years, pedigreed or mongrel, against death and loss, as well as third-party animal damage insurance, IC Kazakhmys offers 20% reimbursement of expenses from the selected amount for treatment for pet injuries.
Photos are from open sources.