Adelya Babikova, the Chief Accountant at Mosaic Insurance Group, shares key aspects of applying IFRS (International Financial Reporting Standards) to insurance contracts. In the interview, she explains how companies in Uzbekistan face challenges in complying with these international financial standards. She emphasizes the importance of accurately assessing future cash flows, separating insurance income and expenses, and ensuring transparency in financial reporting. Adelya also talks about her over 20 years of professional experience and her commitment to continuous development in a rapidly changing business environment.
Muallif: MOS_ADMIN
Digitalization in Insurance: Transparency, Fraud Prevention, and Enhanced Customer Experience
In an interview with Farkhod Usmanov, Internal Auditor at Mosaic Insurance Group, three key topics are discussed — digitalization in insurance, business transparency, and fraud prevention. Mr. Usmanov emphasizes that the implementation of digital solutions not only automates processes and improves customer service but also ensures transparency for both clients and regulatory authorities. With the help of modern technologies and a unified platform, Mosaic Insurance Group successfully minimizes risks and builds greater trust with its clients.
USAID’s Future Growth Initiative, in collaboration with Eurobak and KazakhInvest are hosting a “Roundtable on Global Best Practices for Attracting and Servicing Foreign Direct Investment “
Mr. Oybek Khalilov, CEO of Mosaic Insurance Group and President of AmCham Uzbekistan, participated in the “Roundtable on Global Best Practices for Attracting and Servicing Foreign Direct Investment,” organized by USAID’s Future Growth Initiative in partnership with EUROBAK and JSC “KAZAKH INVEST” on September 26, 2024.
The event convened key stakeholders, including representatives from the Government of Kazakhstan, such as Mr. Kuantyrov, Deputy Minister of Foreign Affairs of the Republic of Kazakhstan; Filip Stoyanovich, Regional Director of USAID’s Future Growth Initiative; as well as members from AmCham Tajikistan, the American Chamber of Commerce in the Kyrgyz Republic, EUROBAK, the diplomatic community, international donors, and international financial institutions.
Insurance Claims Management: From Registration to Data Analysis by Azamat Khaidarov
When an insurance claim arises, it is crucial that the settlement process is both swift and transparent. Azamat Khaidarov, Insurance Claims Manager at Mosaic Insurance Group, emphasizes that each phase—from filing a claim to disbursing compensation—is meticulously monitored to ensure optimal protection of the client’s interests.
“Our objective is to streamline the claims process, making it as seamless as possible for our clients. We go beyond merely collecting documentation; we conduct a thorough evaluation of each claim to guarantee equitable compensation. Our claim management system enables us to capture the entire lifecycle of a case, recognize patterns, and develop more effective insurance solutions moving forward,” Mr. Azamat explains.
Through this meticulous approach to handling insurance claims, Mosaic Insurance Group not only delivers exceptional service but also fosters a sense of security and confidence in our clients about their future.
Mr. Oybek Khalilov’s insights into the future of insurance in Uzbekistan
Mr. Oybek Khalilov envisions a promising future for Uzbekistan’s insurance industry, emphasizing its critical role in mitigating losses and bolstering economic stability. With over 30 years of international experience, he highlights the growing frequency of catastrophic events like floods and earthquakes, which could result in annual losses of up to $2 billion, or 2.7% of GDP.
Mr. Oybek Khalilov and Sir Suma Chakrabarti, Advisor to the President of Uzbekistan discussed progress of Uzbek economic reforms
On July 31st, a significant meeting took place between the CEO of Mosaic Insurance Group, the President of American Chamber of Commerce Uzbekistan Mr. Oybek Khalilov, and Sir S. Chakrabarti, Advisor to the President of the Republic of Uzbekistan on economic development, good governance, and international cooperation.
This high-level discussion revolved around several critical themes pertinent to the economic landscape of Uzbekistan.
CEO Mosaic Insurance Group Oybek Khalilov at Webster MBA Brunch
On July 20, Webster MBA alumni and current students gathered for a special brunch event, providing a unique opportunity to network and exchange career insights. The highlight of the event was a panel session featuring CEO of MIG, Oybek Khalilov, along with other distinguished speakers. They shared valuable career insights and their professional experiences, making it an enriching experience for all attendees.
Oybek Khalilov’s Tips for Maximizing Involvement in Professional Associations:
Choose the Right Association: Select associations that align with your career goals and industry interests.
Get Actively Involved: Participate in events, join committees, and volunteer for projects to gain more exposure and build stronger connections.
Network Strategically: Focus on building meaningful relationships rather than just collecting business cards.
Learn Continuously: Take advantage of the educational resources and professional development opportunities offered by the association.
Showcase Your Expertise: Share your knowledge through speaking engagements, writing articles, or leading workshops.
Evaluate Your Membership: Periodically assess the value you are getting from the association and adjust your involvement as needed.
Volunteer for Association Committees: Consider volunteering for association committees to take on more responsibility and visibility within your field.
This can deepen your relationships and position you well for future opportunities.
MIG Earns International Acclaim with B1 IFSR from Moody’s
MIG proudly announces that it has earned a B1 IFSR rating from Moody’s Investors Service, a testament to its strong financial health and operational excellence. This international recognition underscores MIG’s balanced product mix, profitable performance, and robust reinsurance strategies.
Key Factors Supporting the B1 Rating:
Balanced Product Mix: MIG maintains a well-diversified portfolio between commercial and retail lines, ensuring stability and resilience across various market segments.
Profitable Performance and Reinsurance: MIG’s profitable performance is bolstered by strategic reinsurance partnerships with strong international players, significantly reducing potential underwriting losses.
Strong Capital Adequacy: MIG showcases strong capital adequacy relative to its insurance risk, reflecting a solid financial foundation.
Management Excellence: MIG’s management team is dedicated to meticulous risk selection and technical pricing, further enhancing its credit strength. The company’s unwavering focus on these aspects has been a pivotal factor in securing the B1 rating.
Local and International Recognition: MIG is the only insurer in Uzbekistan with 100% American capital. It boasts the highest local rating of A++ from the Uzbekistan Agency Ahbor Rating, highlighting its unparalleled reputation in the domestic market. Additionally, MIG is recognized by the National Regulator NAPP as a benchmark company, setting industry standards in governance and business transparency.
Commitment to Compliance and Transparency: MIG adheres to both local regulations and global standards of governance, earning the trust of regulators, clients, and business partners. This commitment to full compliance and transparency has been instrumental in building a strong, reputable brand.
Experienced Team: MIG’s team comprises the most experienced professionals in the market, with backgrounds at AIG and over 20 years of experience in the insurance and reinsurance industry. This deep expertise is a cornerstone of MIG’s success and industry leadership.
Future Growth and Expansion. Looking ahead, MIG is poised for further growth and diversification. The company plans to:
- Diversify global risks
- Increase reinsurance capacity
- Attract international personnel
- Expand obligatory contracts
- Broaden activities across Central Asia and the Caucasus
MIG’s strategic vision and commitment to excellence continue to drive its success, making it a formidable player in the global insurance and reinsurance industry.
“We offer a wide range of insurance products, including Voluntary Health Insurance” – Oybek N. Khalilov
The insurance sector of Uzbekistan is demonstrating impressive growth rates, significantly outpacing the country’s GDP growth. From 2018 to 2023, the compound annual growth rate of the insurance market was 16.6%, which is several times higher than the growth rate of GDP. In an interview, the CEO of Mosaic Insurance Group, Oybek N. Khalilov shared the key factors contributing to dynamic growth, strategic direction, as well as future target and plans.
What health insurance products do you provide to your clients?
We offer a wide range of insurance products, including infectious disease, critical illness, COVID-19, and voluntary health insurance. We strive for high quality service and provide individual solutions for each client.
Oybek N. Khalilov
At the end of 2023, the insurance market of Uzbekistan the GWP was 65.1 billion UZS in the second class – health insurance and 11.2 billion UZS in the 18th class – medical insurance.
How do you evaluate the company’s results in this context?
According to reports for 2023, we were the only insurance company operating under the 18th class of insurance.
Oybek N. Khalilov
Losses on health insurance in the market amounted to 34 billion UZS in 2023. Based on the average market loss ratio for VHI of 65%, it can be revealed by expert analysis that the volume of VHI premiums is 57.23 billion UZS, and our company’s share is 20% of the market, while our company’s share in insurance compensation according to VHI is 8.6% of the market.
What strategic principles allowed the company to achieve such results?
From the first days of the company’s founding, VHI has been and remains a key area for us. We plan to increase the company’s market share to 30% by 2026.
Oybek N. Khalilov
We are tailoring and improving the principle of a client-oriented approach, as well as personal supervision of all complaints with Consumer Lines Insurance Director – Dinara Karieva.
We actively participate in tenders and selections, with our impressive reference list of completed and ongoing projects. We provide flexible prices and individual solutions for each individual client. Of course, having the UzA++ rating helps us a lot. All of the above together helps us win up to 80% of tenders.
How does the company plan to maintain the confidence of foreign investors in the local insurance market?
We, as a foreign company, are the only one on the Uzbekistan market with 100 percent foreign authorized capital to offer services in such a high-loss business line, actually proving our solvency through the quick and fair settlement of insurance claims. We pay in accordance with insurance programs.
Oybek N. Khalilov
Our goal is to increase the confidence of foreign investors by providing quality services and proving our solvency. We resolve insurance claims quickly and fairly, as evidenced by our work with large foreign clients, such as companies with American, Chinese, Korean, Turkish, Arab, Indian and European investments.
What are your next plans?
In the medium term, we plan to increase our market share to 30%, while maintaining the loss ratio at an acceptable level. We will continue to improve the quality of customer service and actively participate in tenders. The extension of income tax benefits will also support our growth by helping to insure all of our clients’ staff without their written consent, eliminating the risk of only insuring insureds who have health complaints.
What would you like to say to potential clients and partners?
We are confident in our ability to provide high-quality insurance services, and invite all interested clients and partners to cooperate. We strive for long-term and mutually beneficial relationships based on trust and professionalism.
MIG and Guy Carpenter Business Meeting
A successful business meeting between Mosaic Insurance Group and Guy Carpenter, aimed at enhancing risk management and reinsurance capabilities held at MIG’s headquarters, focused on leveraging Guy Carpenter’s extensive reinsurance experience and global reach to bolster Mosaic’s insurance offerings.
Guy Carpenter, renowned for its deep expertise in risk quantification and mitigation across all regions of the world, plays a pivotal role in helping companies build resilience in the face of evolving risks. This partnership is set to integrate Guy Carpenter’s sophisticated reinsurance solutions with Mosaic’s comprehensive insurance services, creating a powerful synergy.
During the meeting, Wojciech Lazarski – Senior Vice President, Irina Te – Broker and Oybek N. Khalilov – CEO discussed several collaborative initiatives. Key areas of focus included the development of advanced risk assessment models, innovative reinsurance products tailored to diverse industries, and strategies for improving overall risk resilience. This collaboration signifies a proactive approach to addressing the dynamic challenges of today’s risk landscape.