Russian Central Bank to "rate" insurers after the quality of the services provided

Central Bank of Russia plans to create insurers rankings based on the quality of their operations, Central Bank First Deputy Sergei SHVETSOV said during the International Insurance Summit, thus providing for some sort of "quality rating", Interfax reported.

"Today we are talking with you about digitization, including digitization of the insurance industry, meaning that every insurance company is getting closer to the consumer and the consumer will pay attention to the quality of this company's operations. The Central Bank plans to create a ranking of the quality of work of insurance companies in order to give consumers the ability to know the assessment of this insurance company's consumer-friendliness. In many instances, a choice will be made not just on price, but on quality, based on this indicator," he said.

In order for this decision to become operational, "the methodology needs a certain amount of refinement," another CB representative said, adding that preparations will probably take this year and rankings may be issued starting 2019. Inspired by other markets' experience, as Portugal or the UK, the methodology will most likely heavily rely on the ratio (number) of complaints to the number of policies ratio but will also take into consideration numerous other aspects and will also fructify" the experience of other Russian state bodies on creation of digital projects", the BC representatives explained. The vehicle for publishing the rankings has not been chosen yet.

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