The insurance sector expects real growth in 2022 despite the increasing economic uncertainties, the rapid increase in exchange rates and inflation. Monopoli Insurance Co-Founder and CEO Erol Esentürk announced the 2021 sector evaluation, 2022 sector expectations and targets.
We Left Another Challenging Year Behind
Stating that the difficulty of replacing assets due to the increase in insurance awareness and the increase in asset prices during the pandemic period, the Co-Founder and CEO of Monopoli Insurance, Erol Esentürk, said: “While there was little activity in 2020 due to the pandemic, there was a lot of activity in 2021 with the transition to normalization. increased a lot. Before the pandemic, for example, the health insurance market had reached a certain saturation. However, the epidemic again and intensely reminded everyone of the importance of health insurance. In addition, the economic stagnation caused by the pandemic enabled the workplace, life and unemployment insurance to be reconsidered. At this point, the insurance sector, which offers faster and more flexible solutions to customers, gave a good test and closed the year on a positive note. We have seen an increase in demands for life and unemployment insurance as well as for health. However, the uncertainty experienced in recent months has put a lot of pressure on the insurance seller as well as all sectors.
Closed 2021 with 50 percent growth
Explaining that as Monopoli Insurance, they closed the year 2021 with a growth of close to 50 percent, Esentürk said, “We can say that we had a good year in 2021 with the contribution of our collaborations and we closed the year successfully. Health is one of the most important branches in our portfolio. We have achieved 50 percent growth in the health branch, which is very valuable to us. Apart from this, fire, transportation, engineering and engine branches stand out as the branches in which we continue our growth. Of course, the unbalanced increase in the exchange rate in the last two months and the unstable environment in the economy affected the insurance sector as well as all other sectors. We are happy to be able to close 2021, which was a difficult year, in this way. Both our individual and corporate customers are very important to us. We have considered the Customer Satisfaction Department, which we established in the last months of 2020, as our first priority in 2021 as well. We believe that the importance we give to our customers is rewarded both by protecting our existing customers and by joining our new customers. We were able to demonstrate this numerically, with an increase of 12 percent in individual customers and 15 percent in corporate customers."
Targets in 2022 invest in massive digitization
Emphasizing that the impact of economic developments on the insurance sector is directly related, Erol Esentürk: “Unfortunately, the insurance rate is low in Turkey… In fact, the insurance sector has a higher growth potential than the country's economic growth. The year 2022 signals that it will be a year in which the exchange rate increases that started in the last months of 2021 will continue. Depending on the increase in inflation, we anticipate that increases in all product costs, increases in spare parts and labor costs, and increases in medical inflation will also be reflected in policy premiums. In this context, it is expected that there will be serious increases in premiums for all branches in the entire sector. In real terms, we think that there can be a serious growth again. As a result of the instability in the economy, we see a high probability that there will be an increase in the protective attitudes of customers to their goods and services, and accordingly, an increase in insurance awareness and an increase in policy sales in terms of quantity.” Esentürk, who said that as Monopoli Insurance, they focused primarily on digitizing all our processes in 2022, said, “Although there are some reservations in this area in the sector, we will take the initiative and realize this transformation. While doing this, we are preparing a digital platform where not only our sales processes can be followed, but also our insured's claims, collections and other after-sales processes.”
We must integrate risk management consulting into the new world order
Erol Esentürk, who underlined that insurance companies have a great job to increase the insurance rate, said, “We, as Monopoli Insurance, believe that every commercial enterprise should produce projects that create social benefits for the sustainability of the world and nature. Information, Big Data, Technology, Digital Multiplex Systems, Artificial Intelligence Integrated Platforms… These are the golden facts of this age. We believe that everyone should produce projects that create common value for the future of their sector, with a higher view. We aim to share experience and ideas about what we can do in our sector for a better world, together with all our stakeholders and business partners, and to produce projects that create value as a result, in our activities that we carry out under the umbrella of the 'Platform for Adding Value with Monopoli', which we established with this awareness," he added.