Baku: ‘The ‘InsurTech’ ecosystem is being formed in the Turkic world, and Azerbaijan is at the center of this process,’ said Elmar Mirsalayev, executive director of the Azerbaijan Insurers Association (AIA), speaking at the Turkic States InsurTech Summit, APA-Economics reports.

According to Azeri-Press News Agency, Elmar Mirsalayev highlighted that the digital transformation of the insurance sector is not merely about keeping up with trends but is considered a vital component of economic sustainability and an innovative financial system. This transformation is seen as crucial for the development of the insurance industry in the region.

Mirsalayev pointed out that Azerbaijan and Trkiye have made progress in insurance technologies in recent years. Discussions are also underway with regional countries such as Kazakhstan, Uzbekistan, and Kyrgyzstan to create a joint InsurTech platform. These collaborative efforts aim to enhance the technological framework within the sector.

The AIA official noted that a five-stage roadmap is being prepared to strategically implement the digitalization process. This comprehensive plan includes infrastructure modernization, the use of artificial intelligence and data analytics, the digitalization of customer experience, harmonization of the legal framework, and knowledge exchange between Turkic states.

“If we can combine these opportunities, the Turkic world can become a global center for insurance technologies in the next 5 years,” Elmar Mirsalayev added. This ambitious vision underlines the potential for significant growth and development within the region’s insurance technology sector.