As the case with many aspects of the world economy, the insurance sector has been reshaped with digitalization in recent years. Aksigorta has led Turkey’s insurance industry forward in terms of digitalization, introducing artificial intelligence and robotic transformation technologies to the sector three years ago. The company has also successfully implemented other digital investments.
Aksigorta introduced risk pricing using artificial intelligence to the Turkish insurance market. This innovation is used solely by Aksigorta in Turkey and a limited number of institutions worldwide. Aksigorta reached the highest operational efficiency level in the sector.
Innovation is critical to the insurance sector in terms of using digitization correctly and efficiently, reducing operational costs, acquiring new customers, providing effective and appropriate service. This era of change and transformation promises to bring many advantages. However, it is also necessary to analyze the possible problems that digitalization may cause and not to ignore these pitfalls when making quick decisions. Now more than ever, the right strategic steps should be taken at the right time.
The cyber insurance market is forecast to expand to USD 20.4 billion by 2025 as the incidence of cyber risks rises significantly. After seeing that the awareness of cyber risk in society is quite low, Aksigorta launched an education initiative in cooperation with Boğaziçi University. This effort conceived of an educational platform that makes digital risks understandable at the societal level. The platform would raise the awareness of users, families, and companies on this critical issue in order to benefit society as a whole. Aksigorta brought this educational initiative to the online environment for easy access by everyone as the Digital Security Platform.
Aksigorta aims to reach more people and have a more secure digital world by spreading word of the Digital Security Platform, which launched in 2020. The platform seeks to raise awareness in the larger community about the risks of the digital world of the future.
Forward-looking companies are aiming not only to adapt to the requirements of today’s fast-changing environment, but also to lead the way toward the world of tomorrow. These future-oriented entities are preparing to move their way of working from traditional methods to the agile working philosophy. Aksigorta is actively developing new ways of working in which its employees can be flexible, free, and efficient. The company is designing the future of the business world from today with major initiatives.
Currently, Aksigorta is providing innovative value adding recommendations to the insurance industry via collaborations with other sectors. Aksigorta is giving impetus to next-generation insurance with leading business partners such as Fiat, Mercedes Benz, and Vodafone.
In 2021, the Turkish insurance sector extended its steady growth of recent years. Sector-wide premium production totaled TL 38.5 billion in January-May 2021, up 16.2% compared to the same period a year earlier. Turkey ranks among the top 10 countries that have closed its insurance gap at the highest rate in the last three to four years. Turkey’s insurance industry has attracted positive attention in terms of consolidation and growth, with new domestic and foreign players entering the market. The insurance sector provides significant added value to Turkey’s long-term financing needs with the potential it creates. The Turkish insurance industry increased its non-life premium production by 18.1% to TL 32.4 billion, while life premium production went up by 7% to TL 6.1 billion.
During this challenging year, Aksigorta maintained its track record of stable profitable growth. In 2021, Aksigorta reported total assets of TL 7,388 million and net profit of TL 189 million as of year-end. Aksigorta recorded premium production of TL 6,988 million, up 33% compared to the prior year. As of year’s end, Aksigorta had a market share of 8.5%
Over the next five years, Aksigorta plans to double its market share in health insurance. In addition, Aksigorta aims to grow its portfolio across all distribution channels and product groups and differentiate in the market with competitive pricing, innovative products, and easy processes.