"Digitalization will allow many insurance companies in Azerbaijan to expand both the range of services offered and the client base. At the same time, it will contribute to the most efficient provision of insurance services," he said. Bayramov has also emphasized that insurers' employees should not fear digitalization will have a negative impact on their jobs.
Besides contributing to improving insurers operations efficiency by reducing the paper load and reducing costs, the process of digitalization will also contribute to improve Azerbaijani insurance companies' cooperation with their international peers, the expert said.
Yet, he emphasized, while advancing on the path of digital transformation, Azerbaijani insurers will have to pay an increased attention to cyber risks, both as providers of insurance coverage for the cyber risks and as possible targets for cybercriminals.
"Some countries are introducing compulsory cyber risk insurance for companies in certain activities," Bayramov said. Currently, the 'Cyber Insurance' policy in Azerbaijan is provided by the ATESHGAH Insurance Company.