How technology can help grow Kazakhstan’s insurance market

Insurance markets are changing all over the world thanks to digital innovations. This includes: changes to calculation models, increased competition (due to the rise of insurance platforms), a rise in the use of online data analysis, actuary skill development and new car insurance models. Although suffering from a number of unresolved matters at a regulatory level, innovative solutions in the insurance market are starting to make their way into Kazakhstan. For example, Kazakhstani startups already make use of platform solutions, blockchain technology and data analysis from internet of things (IoT) devices. This means that insurers in the country have enormous potential to develop and grow profits. This includes health insurance, life insurance and insurance against operational risks. To do so however, insurance companies in the country need to employ methodologies for making the innovation process manageable and efficient in terms of time and return on investment. For them, this process is likely to start with partnerships with companies from other sectors, technology companies and startups.