- Galym Tashmukhanbetovich, large international players of the insurance market have long been providing their services online. What is the situation in Kazakhstan?
—This summer, the President of the Republic of Kazakhstan, Nursultan Nazarbayev, signed amendments to the law on insurance and insurance activities. One of the key innovations is the introduction of an electronic policy of compulsory insurance of vehicle owners as of January 1, 2019. This is the first but a very important step towards the development of online insurance and customer satisfaction. It's no secret that there is a risk of acquiring fake policies in the insurance market. With the introduction of an electronic policy, firstly, there will be no such risks, and secondly, people will not have to spend their time visiting the offices of insurance companies to get an insurance policy. Drivers will still be required to insure their vehicles, but the data on the availability of their policies will be stored in a single database, to which the police will have access. Thus, there is no need to carry the paper version of the policy. It should not be forgotten that the insurance culture in European countries has started to form several centuries ago. And our insurance market is as old as independence, and the success that has been achieved to date cannot be underestimated.
—In your opinion, what life insurance products can be sold online? What life insurance products are already sold online?
—Actually almost the entire line of life insurance products can be sold online. It's a question of time.
— Will the number of users of life insurance services increase with the ability to insure their life online?
—First of all, this requires an appropriate legislative framework. Now legal entities have an opportunity to insure workers against accidents through the government portal for citizens, which provides for the use of EDS. Earlier a citizen had to first register a legal entity; then submit a registration certificate to the bank to open an account, and also go to the insurance company to conclude a compulsory insurance contract. Now, thanks to a new composite service, it takes two working days (not counting the day of application) to obtain a certificate of state registration of a legal entity, a bank account number and a signed contract of compulsory insurance of employees against accidents. Therefore, it is worth noting that our insurance market is moving in the right direction.
—Is the introduction of online insurance a starting point for using Big Data technologies in insurance? Can you imagine something similar in the insurance market of the Republic of Kazakhstan?
— I am sure this will be the next step in the insurance market in the Republic of Kazakhstan. For example, more than 30% of vehicles in North America are equipped with telematics equipment, which allows the insurer to evaluate the insured in many ways, such as annual mileage, driving style allowing the insured to offer optimal insurance conditions. As for life insurance products, we have already begun to explore the possibility of using appropriate equipment and software that allows us to obtain data on the lifestyle of our customers. For example, people leading a healthy lifestyle will be able to receive discounts on life insurance.