"A committee on this model has already been established today. The first meeting of the committee will be held early next year, and tariffs will be discussed soon", Zakir Nuriyev said.
The Azerbaijan Insurance Association (ASA) and the Azerbaijan Banks Association (ABA) signed a memorandum of cooperation on October 6. The purpose is to strengthen the protection of the bank's customers through insurance and to expand the banking and insurance model (bancassurance) for the development and provision of customer-oriented insurance products to customers.
Zakir Nuriyev noted that the 10-person board will include representatives of Unibank, ABB, KapitalBank, Rabitabank, and Bank of Baku on the part of banks and representatives of five life insurance companies.
ABA and ASA have formed a large-scale platform of intensive cooperation to strengthen the protection of the population and business against risks of various natures in Azerbaijan.
"The new cooperation platform envisages the expansion of insurance coverage against existing risks related to the life, health, and property of the bank's customers and the joint development and provision of insurance products that benefit customers for this purpose. ABA and ASA have established a joint project board and formed various expert working groups to implement the cooperation", ASA Executive Director Elmar Mirsalayev said.
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