The FINANCIAL — Partner, one of the leading insurance companies in Georgia, has reimbursed a total of 1,600,000 GEL to its clients in 2010. Third quarter results show 30% of total insurance is made up by property insurance, 25% by car insurance and 22% by health insurance. The company has distributed approximately 10,000 policies in total.
“The company is developing rapidly”, said Andro Khukhunaishvili, Head of the Sales and Marketing Department at Partner. “In 2010 compared to the previous year we have had a 30-40% increase and we believe we will continue development at the same rate.”
“The company’s major priorities are orientation on service, high quality and quickly reimbursement, which differentiates us from our competitors. At Partner, client satisfaction is vital. The clients should be satisfied. We can help this by saving their time and helping them avoid additional bureaucracy. From the very beginning of reimbursing a loss, we manage all the processes, which saves time and guarantees a refund in 3 working days,” Khukhunaishvili said.
The company provides all types of insurance, for physical as well as corporate individuals. The individual package includes children, property, travel and cars. Corporate insurance includes health, property, cars, travel, freight as well as responsibility.
The most popular insurance policies at Partner are health, property and car insurance.
Car insurance is one of the most popular products with Partner clients. In terms of car insurance, the company has a special mobile group, which in case of insurance need appears at the place and supports the insured client.
Partner is responsible for preparing all the procedures and documentation and guarantees the relationship with service centres also, which speeds up the process.
“After documentation is prepared the individual receives the refund amount within 3 working days. With other companies the terms are from 10 days to 1 month,” Khukhunaishvili said.
“There are differences in terms of car insurance. In case of accident, the insurance covers the costs no matter who is driving the car – the owner, his friend or relative. The only requirement is that the individual should be above the age of 21 and have a 2 year driver’s license,” declared Khukhunaishvili.
“However, at other insurance companies, when filling out car insurance the individual should fill in a section about those individuals who are liable to drive your car. If an accident happens and the driver was not listed in the policy, the company will not provide assistance,” Khukhunaishvili added.
Individual insurance of the car includes coverage of payment for robbery, damage, vandalism, theft and natural cataclysms, moreover an additional package includes third party liability, driver and passenger insurance.
There are several exceptions that are not covered, these include if the driver is drunk, as well as leaving your vehicle license in the car.
Property insurance makes up 30% of total insurance at Partner. One of the major corporate clients of Partner is Socar – all its gas stations are insured at Partner.
Property insurance covers fire, flood, storm, water damage, robbery, burglary, vandalism, as well as natural cataclysms.
According to Khukhunaishvili, the most unpopular policies in Georgia are life and pension insurance. As he explains this might be due to low awareness of the products. “What’s more people prefer to get benefits immediately rather than wait for some indefinite period in the future. Consequently, they find it difficult to put aside a defined amount of money and wait for its potential profit in the long-run,” Khukhunaishvili declared.
“Therefore many prefer to just have health and car insurance, which are more profitable and active products for them,” Khukhunaishvili added.
Travel Insurance at Partner is a new product and the company has been providing it since February. “The product is quite different to our competitor’s offers and the main orientation is on clients here,” said Khukhunaishvili.
“At Partner we provide the payment of a needed amount to clients in foreign countries immediately by Global Assistance, while competitor insurance companies have the following attitude, if an individual has any type of ambulatory expenses, not including serious cases where surgical interference is needed, he pays all the costs himself and later when he arrives in the country, he brings the receipts and his money is refunded. However, in foreign countries ambulatory expenses are associated with high costs and for the average individual on vacation this represents a huge sum,” Khukhunaishvili declared.
Moreover, Partner offers multi-policy insurance. The product is especially designed for business travellers who travel to foreign countries several times a year. If an individual purchases a 20 day multi-policy, each time he arrives in the foreign country his first 20 days are insured.
“In the market mainly one type of policy is sold. If an individual purchases a 20 day policy, one can use in total 20 days over different vacations, not more. At Partner the individual, if buying a multi usage travel insurance policy, can use it several times,” Khukhunaishvili added.
“Moreover, we have differences in limit, we offer 50,000 and 60,000 EUR policies,” Khukhunaishvili added.
At present, the total number of travel policies distributed reached 1,000 individuals. The cost of insurance per day is 1 GEL.
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