Competition in the insurance industry does not depend only on rates and conditions

Ali Jabbari, CEO of Razi Insurance Company, emphasized that competition in the market does not depend only on prices and conditions, and said: “One of the important strategies of Razi Insurance Company is to turn satisfied customers into loyal customers.” In this regard, speeding up the payment of damages and accompanying the insurer in the stages of consulting, selling and paying damages is one of the main priorities of the company.
Ali Jabbari said: “On the way to achieving (Razi at the peak) one of the strategies, the strategic turn of marketing has been to change the approach from conservative marketing to aggressive marketing, along with turning satisfied customers into Razi loyal customers is one of the main priorities.”
The CEO of Razi Insurance Company, stating that there should be belief in the strategic rotations of the company at all levels, said: The basic principles of Razi Insurance transformation based on focus, policy-making, planning, monitoring, control and guidance of the headquarters Representatives are designed and planned, and achieving this requires the belief of provincial managers.
He pointed out: the delegation of authority in the issuance and payment stage will be done gradually to the branches and representatives, and significant events have already taken place in this process.
Regarding the performance of Razi Insurance Company in the first six months of this year, Jabbari said: “The company’s production premium in the first six months of this year has increased by 80% compared to the same period, while 90% of the company’s budget has been realized.”
He continued: the production premium rate based on the number of insurance policies in the period under review has recorded a growth of 15%, which is hoped in the second half of the year, this amount will grow more than before.
The CEO of Razi Insurance Company stated: The amount of damages paid by Razi Insurance Company was 500 billion Tomans, which we are witnessing a 40% growth, a significant amount of this growth was due to the payment of damages in previous years.
Jabbari added: “Compensation has increased in Razi Insurance Company, and this is while one of the most important components of a company in the insurance industry is related to the process of compensation.”
He reminded: the average of the loss ratio in the first six months of the year of Razi Insurance Company is lower than the average of the industry, while the company is looking to reduce the loss ratio at the end of the year.
The CEO of Razi Insurance Company, pointing out that competition in the insurance market does not depend only on prices and conditions, said: “By providing good insurance services, better conditions can be achieved in the industry. In this regard, the headquarters must design new products and improve the process.” Put services on the agenda.
Jabbari added: “Branches and representatives should pay special attention to the growth and promotion of the process of consulting, issuing and paying damages, so that Razi Insurance Company is recognized as an advisor to insurers in the insurance industry, because this company has trained and dominant forces in the insurance market.” Holds.