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Friday, 06 July 2018 16:00

Aldagi is number one in Georgia, Giorgi Baratashvili Featured

Aldagi is number one in Georgia, Giorgi Baratashvili

Giorgi Baratashvili, CEO of JSC” Insurance Company Aldagi”.

Joined Aldagi in 2004 as Head of Corporate Clients Division. More than 14 years experience in Insurance. Served as Deputy CEO of Aldagi in charge of strategic management for corporate sales and corporate account management. Holds the Master Diploma in International Law.

Caspian Energy (CE): How long has the insurance company Aldagi  been operating in Georgia?

Giorgi Baratashvili, CEO of  JSC” Insurance Company Aldagi”: Aldagi is the P&C insurer operating in all regions of Georgia since 1990, providing insurance products and services through multi-channels, serving retail and corporate markets. Aldagi is the first insurance company in Georgia, with 90% brand awareness. Aldagi’s market share is 38% based on gross premiums earned in 2017.

CE: How would you assess the competitiveness of Aldagi among insurance companies?

Giorgi Baratashvili:  There are 17 insurance companies registered in Georgia, and the competition is sharp, but despite, Aldagi is number one, leading insurance market development, shaping and transforming the industry. As the pioneer in insurance market, with the most experienced staff in Georgia, Aldagi is sharing the expertise with partners and customers, always responding customer needs, building strong and loyal relationships.

CE: How is cooperation with legal entities developing?

Giorgi Baratashvili:  Aldagi is the undisputed leader in corporate insurance lines, developing tailor made products for legal entities. Aldagi has 35% market share in corporate insurance, 2 times more than the nearest competitor. We provide insurance services to all huge construction projects in Georgia, among our clients are: BP, TAV Urban (Tbilisi and Batumi International Airports), Marriot, Pasha bank, Henkel, SOCAR, Sheraton, Baku–Tbilisi–Kars railway, NUROL, Pepsi Co. Knauf.

CE: Can it be said that the market of insurers has grown in Georgia?

Giorgi Baratashvili:  P&C insurance market in Georgia has grown for the last years. For example market CAGR for 2010-2017 is 11%, insurance revenue increased from 106 mln GEL in 2010 to 227 mln GEL in 2017. Though, there is still significant room to grow especially in retail and SME segments. Aldagi is always the main player when tapping new clients or introducing innovative products, we always work on market development. Market growth is stable as the new compulsory lines, like border TPL,  liability insurance for hotels, gas stations and trading centers have been launched recently and the industry is preparing for obligatory MTPL to be introduced in the nearest future.

CE: Are the companies of small and medium business among your customers?

Giorgi Baratashvili:  SME segment development is our strategic priority. Aldagi is designing special products for different SMEs: small/home offices, restaurants & cafes, beauty shops, dental clinics, etc. The products are offered through Aldagi’s different distribution channels. By the end of 2018, SME products will also be offered through digital portals created especially for these sectors of SMEs.

CE: A new Government has been formed in Georgia. How can economic reforms improve the work of the company?

Giorgi Baratashvili:  Aldagi is extensively cooperating with Government, we are involved in Agro insurance state project from its start in 2014, reaching up to 40% market share in this line. Our government works on obligatory lines, this will be pushing market development. As I have mentioned, compulsory liability lines and decienal insurance for constructors have been launched already. Obligatory MTPL for all cars is planned. Also stable FDI growth and huge infrastructural projects have the positive effect on our business development.

CE: Which types of insurance are the most important? Are public companies your customers?

Giorgi Baratashvili:  Property and motor insurance are most popular products in Georgia, though Aldagi is always offering innovative products, for example we have launched Cyber insurance last year, and many companies are discussing the offers.

There are many public companies among our clients in different insurance lines, we have the experience of working with governmental organizations like: Ministry of education and science of Georgia, ministry of internal Affairs, Government administration, President Administration, Georgian National Energy and Water Supply Regulatory Commission, Georgian railway etc.

CE: Could you please tell about the practice of cooperation of your company with banks? Which advantages and prospects do you see in this cooperation?

Giorgi Baratashvili:  Aldagi is the pioneer in bancassurance too, developing this type of insurance for many years. We are cooperating with several banks, offering bank clients different types of products and special coverages. The diversified distribution of retail products through Credo Bank, gives the opportunity to cover rural areas. We are offering special products to Bank of Georgia customers, tapping the largest clientele base.

Thank you for the interview

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