Caspian Energy (CE): What are the achievements of the company for the past year? What could you tell about the company’s development plans scheduled for 2014? 

Yavuz Olken, Chairman of the Board, AXA MBASK: 2013 was a very successful year for AXA MBASK especially in terms of developement of agent network, quality of service in insurance services as well as introduction of electron services. We have always tried to offer services distinguished from others in the market and this year we feel a very positive reaction from both the customers and agents. 

In 2013 in terms of sales we were able to increase our market share in obligatory motor third party liability product, this year we also managed to reach more than 70% growth in voluntary type of insurances especially in motor casco product. As a result in 2013 two different organisations announced AXA MBASK the Insurance company of the year sphere.

For 2014 our priorities shall be quality of services, customer satisfaction, agent satisfaction, introduton of innovations as well as proper claim management. Our motto for 2014 is “Easy to do business with AXA MBASK”. Regarding Premium production our plan is at least 20% growth compared to 2013 premium income.  The growth of profits will also be our important distinguishing feature in the market. 

CE: What role does AXA MBASK play in the development of the insurance market of Azerbaijan? 

Yavuz Olken: AXA MBASK tries to increase its share in insurance market. Taking into account the great experience of Axa worldwide  from point of agent network management, technology, customer centric organisation, innovation in insurance activities we try to create a very professional insurance environment starting from the agents and distribution network. We believe that with AXA MBASK the insurance has become more professional in the country, but it is important to emphasize that we have just started, insurance is a very longterm business therefore we have to keep focus to continue our existence in this market.

CE: How would you assess prospects of voluntary insurance of the real estate and accident insurance? What kind of opportunities does AXA MBASK offer in this segment? 

Yavuz Olken: Despite the fact that in Azerbaijan we have great potential in  voluntary types of insurance such as real estate, motor, personal accident, health unfortunately the penetration is still very low. Only obligatory insurances and bank credit related insurances regularly occur in the market. As AXA MBASK voluntary type of products are our key strategy and we beleive that we will be able to increase the awareness of the population through our very strong agent network. 

We believe that with our segmented pricing modules, superior claim services and very professional agents we have a great opportunity for the coming years. 

CE: Auto-insurance is one of the most important areas that your company is engaged in. Which programs are realized in this direction? 

Yavuz Olken: In auto insurances we are very strong in MTPL (Motor Third Party Liability) as well as  motor casco, voluntary type, motor casco related bank credits. We believe that our online insurance system along with pricing module for the agents and banks are the key success factors for us. 

CE: The competition in the insurance market is becoming tougher year by year. How does AXA MBASK manage to maintain the leading positions in this segment? How do you manage to gain advantage over other companies? 

Yavuz Olken:  We all know that competition is very tough in insurance industry. Currently we have managed to obtain a very important market share and concrete position in motor insurances. We believe  that the brand of AXA MBASK, quality of service we provide to our clients and agents; our customer centric organisation and our management model, our investment in technology distinguish us from the other market participants. We have always believed that in addition to above mentioned points proper expense management is one of the key subject in competition.

CE: Which services and products of AXA MBASK are very popular among your clients?

Yavuz Olken:  We can say that besides MTPL also  voluntary type of motor insurance, motor fleet, group health, individual health, personal accident, property insurances are popular. Regarding the services our claim services are very popular in the market.

CE:  How would you assess the level of the insurance-related issues of the legislation concening positive development of insurance companies?

Yavuz Olken:  We feel very confident with the current level of legislation also we fully support the idea of much more strong capitalisation in insurance industry.

CE:  To what degree is the community prepared for active use of insurance services? 

Yavuz Olken:  We believe that the community is ready to use the insurance services but this mainly depends on the insurance companies.   We have to invest a lot for customer satisfaction, all our claim services must be superior, our communication with the customers, agents must be very transparent and motivating. Otherwise we could face negative reactions from the community.

CE:  What kind of innovations, campaigns and products will be presented to your clients and partners in near future? 

Yavuz Olken:  Only one comment is enough I believe that the quality of services in AXA MBASK will become considerably better than today and innovative solutions are on the way and we are ready to protect all our clients against all potential risks.

CE:  What do clients mainly pay attention to when choosing AXA MBASK for insurance purposes? 

Yavuz Olken:  Our customers are very much focusing in claim services, pricing and communication standarts,  the brand Axa which we represent is certainly one of the key aspects for them.

CE:  In general, how would you assess the potential of the insurance market in Azerbaijan? 

Yavuz Olken: Nowadays Axa Group is operating in more than 60 countries worldwide. This means that we are here because we see potential in this country. We try our best to support this potential, to increase the awareness and penetration but all this requires  good cooperation between all insurance companies.