Page 15 - TurkInsurance Digital Magazine

at a glance 13

Turkish insurance market outpaces UK market’s digital transformation

“Turkish insurance market is going through a digitalization
phase much faster than what the United Kingdom went through,
which is considered one of the most digital markets in the world.
Thanks to this digitalization, consumers can buy insurance prod-
ucts at cheaper prices,” said Llewelyn Padiachy, Chief Oper-
ating Officer at Telesure Sigorta during a speech at Turkey’s
first summit of insurance technologies ’Insure and Innovate
Summit’18’.

During ‘Insure and Innovate Summit’18’, Turkish insurance
market that has a size of 30 billion USD and global insurance
business that has a total size of 1.3 billion USD were both eval-
uated around new generation insurance technologies and dig-
ital evaluation. Llewelyn Padiachy, Chief Operating Officer at
Telesure Sigorta, attended the summit to represent Telesure the second phase, insurance products were standardized by reg-
Sigorta, a company part of the global BHL Group, which re- ulations in terms of scope, and differed only in pricing. At this
nowned for its successful online service applications and techno- point, online insurance selling platforms were born with the aim
logical innovations; and gave a speech during the panel of “Un- of offering a medium for customers to compare the prices of
interrupted Customer Experience in a Digital World”. many different insurance companies in one place. Just like trav-
el agencies were replaced by Booking.com; or market share of
Padiachy stated insurance technologies (insuretech), which pro- bookstores was overtaken by Amazon.com. In Turkey, we have
vide customer innovation and digitalization-oriented solutions been witnessing a different model compared to the UK, which
for the insurance market, create environment for platforms act- includes the transformation from the traditional agency selling
ing as alternatives to classical products and distribution chan- model directly into online selling platforms. As Koalay.com, we
nels. He added that the BGL Group which is a sister company have been serving in this market since 2013.”
also under the BHL Group, has the largest online insurance sell-
ing platform operating in the UK market for 26 years; and they Stating that customer satisfaction has reached new levels with
founded Telesure Sigorta and Koalay.com as Turkey’s first on- digitalized insurance strategies, Padiachy added as follows:
line insurance platform to transfer that experience into Turkish “Online insurance selling platforms do not pose a threat to in-
market. surance companies. On the contrary, it helps them reach higher
number of customers in shorter durations, increases customer
Explaining the rapid digital transformation in Turkish insurance satisfaction and provides cheaper policy solutions. In the agency
market based on the UK example, Llewelyn Padiachy said: “UK model that is based on human labour, higher sales mean high-
insurance market has reached the digital structure of today after er costs. With the new model, insurance companies are able to
going through 3 different phases. First, it evolved from a tradi- get rid of those costs; therefore reduce their premiums and be
tional market where the business model of insurance companies more competitive. These lower prices, in addition to fast, and
were based on agency sales, which then moved into direct sales convenient services, bring even greater customer experience and
with customers conducted through insurance contact centers. In satisfaction.

Most Valuable Brand of the Insurance ta, stated their pleasure in being
listed in the top ranks of Brand
Market: Anadolu Sigorta Finance’s “Turkey’s 100 most

valuable brands” list every year.
Brand Finance, an international brand rating institution, pub- Tiryakioğlu stated that Anad-
lished its annual listing of 100 most valuable brans in Turkey. olu Sigorta increased its brand
Anadolu Sigorta has ranked 35th in the list that list consists of value just like in previous years,
Turkey’s most reputable brands, and stood out among its peers and added: “Such researches are
in the insurance market with a brand value of 154 million USD. much more valuable compared
The company increased its brand value by 15 percent compared to many other statistical indi-
to its value announced in the same list in 2017. cators as they are the proof of
the trust consumers place in our
In the annual research published by the brand-rating agency, brand. We are working tirelessly
brand value of companies in the list is calculated using Royalty to honor this trust. In light of our
Relief methodology, in accordance with the ISO 10688 stand- long-established corporate prin-
ards. ciples and values, we will contin-
ue to push the boundaries of our
“Symbol of Turkish people’s trust” own achievements and contrib-
Filiz Tiryakioğlu, 1st Deputy Chief Executive of Anadolu Sigor- ute to making a better future for all of us.”