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.
