Mr. Kostantin Velev, Chairman of ABI, for, TV Bulgaria On Air: "Insurers have successfully adjusted their business to the new realities, they met the needs and expectations of clients."

 In an interview for the program, TV Bulgaria On Air, on April 29, Mr. Kostantin Velev, Chairman of ABI, commented on current topics for the insurance market.

"It is a serious challenge to meet the requirements of the past 2020 and to serve the clients, so that their trust will be justified. Insurers were able to adapt very quickly to the constraints and new conditions and to change a number of aspects of the work process - the conclusion of claims and the registration of damages, the communication with. The year was difficult, but the companies managed successfully. "- this is how Velev assessed the achievements of the insurers. That is why the Insurer of the Year Awards for 2020 carry an additional charge, they are used to evaluate the results achieved in a truly challenging environment.


As a main challenge in the conditions of pandemic crisis Mr. Velev pointed out the ambiguity, the impossibility to predict the development of the health and economic situation. Companies had to make quick decisions and readjust their processes to adjust their business to the new reality and meet the needs of their customers. The pandemic catalyzes the already ongoing process of digital transformation in the insurance sector, including to respond to changing consumer attitudes and expectations. For about a year a number of companies have fully digitized their products, service stages, provided additional opportunities for communication in various aspects.

Mr. Konstantin Velev commented that digitalization, although a serious investment, did not affect insurance prices. The reason is that the successful digital transformation optimizes the costs of the insurer.

See the interview!