Azerbaijan's insurance sector urged to develop innovative products

There is a growing need for innovative products in Azerbaijanchr("39")s insurance sector, said Panah Bennayev, Director of the Insurance Activity Regulation Department of the Central Bank of Azerbaijan (CBA), during the Turkic States InsurTech Summit 2025 held in Baku, Olaylar informs.

Bennayev noted that insurance is traditionally a conventional system, but technological advancements encourage it to become faster, more efficient, and optimal.

"Therefore, the insurance sector now requires the creation of innovative insurance products, which will also increase competitiveness," he said.

He added that discussions about technology, innovation, and fast operations should also emphasize the development of products tailored to individual needs.

"It is especially important to highlight that creating products that meet individual needs increases consumer satisfaction in the insurance sector. At the same time, the use of technologies and InsurTech solutions optimizes operational processes and reduces operating costs," Bennayev concluded.