Simon Glairy is a recognized authority in insurance and Insurtech, particularly in risk management and the use of AI-driven risk assessment. With TBC Uzbekistan’s recent launch of a fully digital insurance product, he brings valuable insights into how digital innovations are reshaping financial ecosystems in Central Asia.
Can you tell us more about the motivation behind TBC Uzbekistan’s decision to launch a fully digital insurance product?
TBC Uzbekistan saw an opportunity to enhance its financial ecosystem by integrating insurance, a step that aligns with their vision of providing digital-first solutions. The motivation stemmed from recognizing a gap in the market for seamless, integrated financial services that encompass not only banking but also insurance. This move allows them to offer a more complete service suite, bringing convenience and better financial control to their customers.
How does the digital insurance integrate with the TBC UZ banking app?
The integration with the TBC UZ app is designed to provide a seamless experience for users. Customers can manage their insurance policies alongside their banking activities within the app, allowing for easy access and management of financial products in one place. This synergy enhances customer convenience and encourages more frequent engagement with the platform.
What specific customer experience improvements does the digital insurance offer compared to traditional insurance models?
Digital insurance through TBC Uzbekistan offers significant improvements in terms of speed, accessibility, and customer empowerment. Unlike traditional models, customers can easily purchase, manage, and claim insurance directly through their mobile devices. This reduces the need for physical paperwork and in-person visits, creating a more streamlined and user-friendly experience.
Could you walk us through the process of developing and launching the digital insurance product?
Developing and launching the product involved close coordination with regulatory bodies and extensive market research to understand customer needs. Once we obtained the life insurance license, we embarked on designing a product that was not only compliant but also innovative. The emphasis was on digital integration, making sure that the insurance offering fits seamlessly into our existing banking app.
What were some of the challenges faced during the soft launch in April 2025?
One of the primary challenges was ensuring that the product met regulatory requirements while still being attractive and easy to use for consumers. There was also the task of educating potential customers about the benefits of a fully digital insurance product, which is relatively new to the region. Overcoming these involved robust customer communication strategies and continuous feedback loops.
How has consumer demand responded to TBC Insurance since the soft launch?
The response has been overwhelmingly positive, with over 140,000 policies delivered since the launch. This indicates a strong demand for digital insurance solutions and validates our strategy of integrating such services into our digital ecosystem. Consumers are increasingly seeking convenience and digital accessibility, which TBC Insurance offers.
What led to the decision to start with credit life insurance, and how will you expand to other personal insurance products?
Starting with credit life insurance was a strategic decision to align with our existing banking services and meet immediate customer needs. As the product gains traction, we plan to expand into other areas of personal insurance, such as health and property insurance. This phased approach allows us to build on customer trust gradually and ensure each product meets high standards.
Can you elaborate on Ekaterina Lotuashvili’s role and her experience in leading TBC Insurance?
Ekaterina brings a wealth of experience, having worked in the insurance sector for 25 years, including at Lloyd’s of London. Her leadership is pivotal in steering TBC Insurance through the complexities of launching a new product in a digital-first landscape. Her insights are invaluable in ensuring that the offerings are competitive and innovative.
How does this insurance venture align with TBC Uzbekistan’s broader strategy to expand its digital banking ecosystem?
Insurance is viewed as a natural extension and complements our digital banking services. By integrating insurance, we enhance the ecosystem’s value and provide customers with a more comprehensive financial management tool. This alignment strengthens customer loyalty and engagement, which is central to our expansion strategy in Central Asia.
What synergies do you see between the new insurance offering and other products like the Salom debit card and Osmon credit card?
The synergy lies in creating a cohesive financial management experience for the customer. For example, through the same app ecosystem, users can manage their debit and credit cards while also handling their insurance needs. This integrated approach not only simplifies user interactions but also encourages more extensive use of our various services.
How do you measure the success of integrating insurance into your ecosystem?
Success is measured through customer adoption rates, feedback, and the degree of engagement with our digital platform. Additionally, cross-utilization of our financial services indicates how well-integrated products like insurance contribute to the overall customer experience. Our goal is for customers to see real value in managing multiple aspects of their financial lives through our ecosystem.
How do you see the role of insurance in strengthening customer trust and engagement with TBC Uzbekistan?
Insurance plays a critical role in enhancing trust by offering customers security and peace of mind. By providing reliable coverage and a straightforward management process within the familiar interface of our app, we build deeper customer relationships. This trust is foundational to our engagement strategy and encourages long-term loyalty.
With over 140,000 policies delivered since the launch, what feedback have you received from customers?
Feedback has been largely positive, with customers appreciating the convenience and ease of managing insurance digitally. They also express interest in expanding the range of insurance products available through the app. Such feedback is instrumental as we look to refine and enhance our offerings continually.
What is the significance of being part of the London-listed TBC Bank Group in this expansion?
Being part of TBC Bank Group provides robust financial backing and a wealth of experience and resources that are critical for launching new ventures. The group’s established reputation and infrastructure bolster our efforts in establishing a leadership position in Central Asia’s digital financial services market.
How does TBC Uzbekistan’s expansion strategy differ or align with that of TBC Georgia?
While the core commitment to digital innovation and customer satisfaction is shared, strategies are tailored to regional market needs. Uzbekistan’s strategy focuses on expanding digital ecosystems by introducing products like digital insurance which might not be as emphasized in Georgia. Each market is approached with a specific focus that considers local demands and customer expectations.
What future trends do you foresee in the digital insurance market in Central Asia?
I foresee a growing acceptance and demand for fully digital insurance solutions as more customers embrace digital banking. Innovations like personalized insurance plans based on AI-driven assessments and real-time policy management are likely to gain traction. The key will be maintaining security and transparency to foster ongoing trust.
How will you continue to evolve the digital insurance product in response to market demand and customer feedback?
We’ll stay agile and responsive, incorporating customer feedback into our product development process. This means continually enhancing user interfaces, increasing product offerings, and leveraging data analytics to refine our insurance solutions. Our aim is to keep meeting customer needs efficiently as they evolve.
Are there plans to introduce any innovative features or technologies in the digital insurance product?
Definitely, we’re exploring ways to incorporate advanced AI for more personalized insurance options and predictive insights. We’re also considering blockchain technologies for enhancing transparency and security within our insurance offerings. These innovations aim to provide significant value-added services to our customers.
How do you intend to maintain your competitive edge in the growing digital insurance space?
Our edge will be maintained through continuous innovation, understanding customer needs better than our competitors, and leveraging our integrated banking ecosystem to provide comprehensive financial solutions. By staying customer-focused and leveraging technology, we aim to remain leaders in digital insurance.
What key lessons have been learned from this process that will inform future product launches?
A critical lesson is the importance of robust customer feedback loops which guide product refinements post-launch. We’ve also learned the value of aligning product offerings with regulatory environments early in the development process to avoid launch delays. Future launches will also benefit from the insights gained from our integration efforts, ensuring smooth implementation within our ecosystem.
