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.
Bo'lim: Tashkilot
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.
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.
DWIC 2024 sum up
Ice-breaking lunch of Mosaic Group
Amidst the chill of corporate formality, the warmth of camaraderie thawed the air as the teams from Mosaic Insurance Group and Mosaic Financial came together for a lunch that promised more than just culinary delights. Laughter echoed amidst discussions of risk mitigation strategies and investment opportunities, as each member found common ground in their dedication to financial excellence.
As they bid farewell, stomachs satisfied and hearts uplifted, the teams of Mosaic Insurance Group and Mosaic Financial departed with a newfound sense of unity and purpose, ready to navigate the complex terrain of finance and insurance together, one step at a time.
Mosaic Insurance Group 3rd Year Anniversary
“Dear colleagues,
Today, as we celebrate the third anniversary of our company, I am proud to share the significant achievements we have accomplished during this period.
Over the past three years, we have experienced remarkable growth in premium collection. Starting from $164,000 in 2021, we have achieved an impressive $6,500,000 in 2023. This substantial growth reflects our successful insurance market strategy and the dedicated efforts of every member of the MIG team.
Our authorized capital has increased from $1,500,000 in 2021 to an impressive $6,350,000 in 2023. This fortifies our financial stability, providing a solid foundation for long-term growth and development, with further plans to increase it to $30,000,000. Company assets have risen from $3,650,000 in 2021 to $11,070,000 in 2023.
Despite a significant increase in insurance payouts, starting from $27,000 in 2021 and reaching $432,000 in 2023, we continue to adhere to a strategy of efficient management and sustainable development.
Today, we are actively preparing for international ratings, opening new horizons for our company. All these pivotal moments underscore your outstanding contributions to our company’s success and signal that the best is yet to come.
These financial indicators speak volumes about your exceptional contributions to our company’s success. Thank you for your hard work, dedication, and commitment to excellence. Together, we have paved a successful and sustainable path for our company.
Congratulations to all of us on this significant anniversary, and we eagerly anticipate new achievements on our future journey.
Best regards,
Oybek N. Khalilov
CEO at Mosaic Insurance Group”
