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Life insurance goes online

A great impetus to the development of the life insurance market in Kazakhstan this year should be the introduction of online services. The corresponding project is now under consideration in the country's parliament. Likewise, such a product as Unit Linked is an advantageous opportunity for citizens - investment life insurance, which is already gaining popularity in neighboring Russia. The experts gave other forecasts for the development of the market at the request of Prodengi.kz.
Life insurance goes online

«Consumers today want to receive services online, without spending additional time on them. They appreciate the opportunity to receive services throughout the entire chain - from signing a contract to obtaining insurance payments online», said StandardLife insurance company.

According to their data, as the world experience shows, the most profitable from the point of view of clients are the possibilities of using additional accumulated funds for the conclusion of the insurance contract (Unit Linked) with the possibility of independent investment and with the provision of insurance protection. Moreover, the National Bank is already considering the offer of the life insurance market for the possible development of Unit Linked.

«Such a financial instrument can be logically integrated into the model of the pension reform discussed today that provides an opportunity to accumulate and manage the pension assets of working citizens in order to accumulate funds for pensions with the provision of socially-directed insurance coverage in case of adverse events», StandardLife added.

According to the company, in general, over the past few years, the insurance market shows steady growth. The total volume of insurance premiums in this sector as a whole as of December 1, 2017 amounted to KZT 96.5 billion, compared to KZT 89.5 billion at the beginning of the year. Assets of Kazakhstani life insurance companies (LIC) as of December 1, 2017 reached 269.9 billion versus 235 billion as of January 1, 2017.

 According to «Kazkommerts-Life» forecasts, in 2018 market growth is also expected against the background of the country's overall economic development - up to 5-7%. «We do not forecast a high growth in the insurance market for borrowers, but nevertheless growth in the range of 7-10% is possible. In addition, within the range of 10-12%, the market for compulsory insurance of workers against accidents is likely to grow», notes Aigul Boranbayeva, managing director of JSC «Kazkommerts-Life». On the pension annuity, she said, even a slight decrease in volumes is expected, related to a decrease in the number of persons who have a sufficient amount of pension savings required to enter into such contracts, and in addition, since 2018, according to changes made to the law on pensions in RK, the frequency of payments under annuity pension agreements will be changed, which, undoubtedly, will reduce the benefits of this insurance product.

According to the SAC company, Kazakhstan's insurance market is practically an undeveloped sector of the economy. «In our country, not everybody is covered by insurance protection. Firstly, this is due to poor financial awareness of the population, and secondly, the regulation of the market prevents growth, creative approach and progressive development of companies. Insurance companies in their investment activities are clamped by the rigid requirements of the regulator. However, the issue is not even in limitation, but in the absence of tools in the stock market. We need to go through this stage faster and start developing, offering Kazakhstan people the products and services that are in demand. To do this, it is necessary to raise the financial awareness of the population, ensure the growth of their solvency, develop infrastructure, including legislative development and development of the stock market», SAC experts say.

Source: https://prodengi.kz/lenta/strahovanie-zhizni-perejdet-v-onlajn/

Photo from:  abctv.kz

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