AIIF - 2014 Azerbaijan International Insurance Forum Motor insurance and claim handling Technology and intelligence for claims cost optimization.

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Presentation transcript:

AIIF Azerbaijan International Insurance Forum Motor insurance and claim handling Technology and intelligence for claims cost optimization

Compulsory Insurance Bureau (CIB) deals with the protection of interests of suffering insured persons and third parties, provision of stability and development of compulsory insurance system with regard to the following types of compulsory insurance. Compulsory real property insurance Compulsory third party liability insurance of motor vehicles (CMTPL) Compulsory third party liability insurance associated with the use of the real property Compulsory personal accident insurance of passengers. Compulsory insurance against loss of professional work capacity as a result of labor accidents and occupational diseases Currently, CIB has 15 member insurers and 11 of them are eligible to run CMTPL. GENERAL INFORMATION

According to the applicable legislation of Azerbaijan, with respect to CMTPL, CIB is a: MOTOR BUREAU COMPENSATION BODY GUARANTEE FUND PROVIDER OF EXISTENCE OF ELECTRONIC INFORMATION SYSTEM CIB’s role with respect to CMTPL

STATISTICS NUMBER OF CMTPL INSURANCE CONTRACTS: AMOUNT OF CMTPL INSURANCE CONTRACTS: 3,69% 0,53% In total in January- May of 2014 more than 347 thousand insurance policies under CMTPL were concluded and total of 25,3 million manats premiums were collected. If we compare first 5 month of 2013 and 2014 we can see 6,33 % decrease in CMTPL policies and 7,4% decrease in collected premiums.

STATISTICS Damage to health Death of the person TOTAL Count Amount20,191.5 AZN34,200 AZN54,391.5 AZN COMPENSATION PAYMENTS PAID BY CIB In compensation payments in the amount of 5,000 manats were made by CIB During January-May 2014 total of 49,510 manats were paid as compensation by CIB. As you can see the years pass the amount of compensation payments are increasing.

STATISTICS During first 5 month total 11 million manats were paid for CMTPL. In comparison with 5 month of 2013 and 2014 it was observed increase of 20% in the amount of payments Damage to vehicles Damage to property Damage to health Death of the person TOTAL 2013 Year Number Amount (AZN) Number Amount (AZN) Number Amount (AZN) Number Amount (AZN) Number Amount (AZN) 17,363 23,403, , , ,000 18,447 25,330, Year , 489, , , , , 823, Year Damage caused to vehicle Damage caused to property Damage caused to the healthDeathTotal Number Amount (AZN) Number Amount (AZN) Number Amount (AZN) Number Amount (AZN) Number Amount (AZN) 20136,2448,565, , , ,0006,5769,182, ,8459,676, , , ,2888,55011,044,145 Percent

25,330,180 AZN Lossratio One of the most complicated tasks of insurance business is claim handling. The main objective of an insurance company is to monitor and control every stage of claim handling since this will also help to reduce the cost. During 2013 CIB participant insurance companies in total have spent 37% of the collected premium was used to pay for claims. However during the first 5 month of 2014 total paid claim amount is 44% of collected premiums. If we consider the fact that 30% of collected premium goes towards the operation costs then we can see that during 2013 the loss ratio was around 67%, and during 5 moth of 2014 this number is 74%. The decrease in collected premiums have its effect on lowering the average paid claims.

25,330,180 AZN CLAIM HANDLING SOFTWARE Advantages of new system The automation of the whole process starting with the oral insurance claims till the insurance payment, also including the fulfillment of the process of subrogation Informative interface for users The possibility of editing of the inserted information, up to the moment of payment During the certain stages of insurance settlement informing the relevant persons by means of SMS, e- mail or official letters The automatic determination of the missing documents with regard to the insurance claim and electronic informing of the applicant. Direct converting of reports of insurance payments in Excel, PDF formats and automatic sending of monthly, quarterly and yearly reports to the officials The possibility of getting of comprehensive information about insurance accidents (the division of accidents according to the regions, age of the drivers of vehicle that caused the damage, sex, etc). Online Application submission

25,330,180 AZN TRANSIT POLICIES Number of vehicles registered abroad entering the Azerbaijan Republic during 2013 for the purpose of transit – 245,898 74% of these vehicles are registered in Green Card system member countries. Number of vehicles registered abroad entering the Azerbaijan Republic during 2014 January – May for the purpose of transit – 87,696 76% of these vehicles are registered in Green Card system member countries. In insurance accidents took place with participation of cars that are registered abroad and entered the territory of Azerbaijan with the aim of transit. Total compensation payment in the amount of 300, 215 manats were made with regard to insurance accidents with participation of vehicles that are registered abroad and entered the territory of Azerbaijan for transit purposes. During 5 month of 2014, 61 insurance accidents took place with participation of vehicles that are registered abroad and entered the territory of Azerbaijan with the aim of transit. Total compensation payment in the amount of 85,083 manats were made with regard to insurance accidents with participation of vehicles that are registered abroad and entered the territory of Azerbaijan with the aim of transit.

25,330,180 AZN MEMBERSHIP WITH THE GREEN CARD SYSTEM: CURRENT STATUS Number of vehicles registered abroad entering the Azerbaijan Republic during 2013 for the purpose of transit – 245,898 74% of these vehicles are registered in Green Card system member countries. Number of vehicles registered abroad entering the Azerbaijan Republic during 2014 January – May for the purpose of transit – 87,696 76% of these vehicles are registered in Green Card system member countries. In insurance accidents took place with participation of cars that are registered abroad and entered the territory of Azerbaijan with the aim of transit. Total compensation payment in the amount of 300, 215 manats were made with regard to insurance accidents with participation of vehicles that are registered abroad and entered the territory of Azerbaijan for transit purposes. During 5 month of 2014, 61 insurance accidents took place with participation of vehicles that are registered abroad and entered the territory of Azerbaijan with the aim of transit. Total compensation payment in the amount of 85,083 manats were made with regard to insurance accidents with participation of vehicles that are registered abroad and entered the territory of Azerbaijan with the aim of transit.

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