CBA official: InsurTech boosts cooperation among Turkic states

President Ilham Aliyev's successful efforts to strengthen strategic and economic cooperation among Turkic states have created broad opportunities for collaboration in various fields, including the insurance sector, Executive Director of the Central Bank of Azerbaijan (CBA), Vusal Gurbanov, said at the Turkic States InsurTech Summit 2025 held in Baku, Report informs.

According to him, the initiatives of Turkic leaders in this direction are of particular importance: "Today's InsurTech Summit is a vivid example of mutual cooperation among Turkic states and serves the establishment of joint innovation and digital platforms. In today's world, insurance is not only a key pillar of financial stability but also a strategic mechanism ensuring social welfare and public confidence in the future."

Gurbanov added that the revolutionary changes in the insurance industry raise new legal, ethical, and security challenges. Unlike traditional products, InsurTechs offer personalized insurance solutions with real-time risk assessments and transparent services.

He noted that rising competition, growing customer expectations, and accelerating digitalization have made InsurTechs a driving force in the industry. "Today, insurance is shaped not by classical principles but by technological innovation. Emerging technologies such as artificial intelligence, big data analytics, and blockchain make insurance processes more efficient and transparent, ensuring faster service, customized offers, and better accessibility for all participants in the sector," he emphasized.