The Chairman of the Association of Bulgarian Insurers (ABZ), Nikolay Stanchev, took part in the regional conference “Claim the Future” dedicated to innovations and regulations in insurance claims management. The event was held on November 4 at the Grand Hotel Astoria in Sofia and brought together leaders from the insurance industry and representatives of regulatory bodies from across Europe and the region.
The conference was opened by Prof. Karel Van Hulle from Goethe University Frankfurt. In his keynote address, he emphasized that insurance is built on trust, and that effective claims management is a key factor for customer satisfaction and the financial stability of companies.
Thea Utoft Høy Jensen, Director General of Insurance Europe—the federation of European insurance associations, of which ABZ is a member—delivered a video address to the participants. She noted that claims management is becoming a strategic asset that builds trust, loyalty, and resilience. Digitalization and artificial intelligence, she said, enable faster, more transparent, and more personalized service, but regulations must remain flexible enough to encourage innovation without adding unnecessary complexity.
Nikolay Stanchev, Chairman of ABZ, participated in a panel discussion focused on the relationship between innovation and regulation. He pointed out that while innovation is not a direct goal of regulation, a well-designed and adaptable regulatory framework can foster it. According to him, this requires a more flexible and efficient approach—simplifying procedures, eliminating outdated requirements such as paper documents and signatures, implementing principles-based regulation, and ensuring that rules keep pace with technological development.
Stanchev also emphasized that the Bulgarian insurance market is among the regional leaders in terms of digitalization—companies now offer remote claim filing through websites and mobile applications and use drones to assess agricultural losses.
“Claims management is the moment of truth for every insurer—it is the process in which a company proves how well it fulfills its promise to the customer,” said ABZ’s Chairman.
During the conference, participants discussed the role of artificial intelligence, automation, and data use in improving customer service, as well as the need to balance digital solutions with a human touch. The forum reaffirmed the importance of partnership between the industry and regulators in building a more flexible and customer-oriented insurance environment.
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