BAKU, Azerbaijan, June 24. Customer trust is a
key driver of growth in the insurance market, according to Niyaz
Ismailov, Chief Executive Officer of PASHA Insurance, Trend’s correspondent
reports from the event.
Speaking at the Azerbaijan International Insurance Forum in
Baku, Ismailov said the development of the insurance sector begins
with understanding customer needs and designing products and
business models that respond to those needs.
“When customers understand the true value of a product, and we
build a business model around their needs, new opportunities
emerge. In this process, we can integrate different interaction
channels, ecosystems, and modern solutions. However, trust remains
at the core,” he said.
He noted that trust is shaped by multiple factors, including
customer financial literacy, but also depends heavily on the speed
and quality of service delivery throughout the entire customer
journey — from policy issuance to claims settlement.
Ismailov said fast claims processing is particularly important,
as customers increasingly expect approvals within hours rather than
days.
“Clients want their claims to be reviewed and approved within
two to three hours. We already see such examples in other markets,”
he said.
He also highlighted the importance of personalization in
insurance services, including tailored products, pricing, and
customer-specific solutions.
“A customer-centric approach remains the foundation of industry
development, while technology, data, and artificial intelligence
act as tools that accelerate these processes,” he said.
Ismailov added that trust, built through these combined factors,
ultimately serves as the main engine of insurance market
growth.
