Information infrastructure

How IT is Changing the Insurance Market in Kazakhstan: Timur Turlov’s Perspective

Insurance market

Timur Turlov, founder and owner of the publicly traded investment company Freedom Holding Corp., has shared insightful perspectives on the benefits of online commerce in the insurance industry. In today’s fast-paced world, customers are increasingly seeking simple and efficient technological solutions that have the potential to disrupt traditional offline markets. Recognizing this shift in consumer behavior, Freedom Finance Insurance introduced innovative insurance terminals that revolutionized the policy issuance process, taking just a few minutes to complete.

These terminals have been successfully launched in major cities nationwide, signaling a strategic move away from traditional sales offices and agent-based operations. Instead, the company is embracing digitalization and implementing modern information technologies to meet the evolving demands of the insurance sector.


The electronic insurance policy, hailed as one of the National Bank’s most significant recent decisions, has streamlined the policy application process in Kazakhstan. Unlike the United States, where approximately 20 fields are required to fill out a policy, Kazakhstan only requires three: car number, Individual Identification Number (IIN), and cell phone number. This simplified approach allows individuals to obtain an insurance policy in minutes, showcasing the power of cutting-edge technology in reshaping traditional offline markets.

Insurance agent
Insurance agent

While online insurance is still in its early stages in the Kazakhstani market, the competition in this segment remains limited. However, it is important to note that insurance agents will continue playing an important role in the industry. Their focus will shift from technical aspects to understanding the unique needs of end consumers and recommending suitable products. The demand for professional agents is expected to grow rapidly, especially in the sales of complex investment products, savings insurance, and other professional services.

Timur Turlov advises insurance agents to enhance their competence, embrace new technologies, and adapt to the evolving commercial landscape. In a world where computers are advancing at an unprecedented pace, established market players can quickly lose their positions while new players emerge swiftly. Industry participants must recognize the need for continuous learning and adaptability to thrive in this dynamic environment.

In conclusion, the emergence of technology has already begun to reshape the insurance market in Kazakhstan, as evidenced by the innovative solutions introduced by Freedom Finance Insurance. While the transition from traditional methods towards online systems is still in its infancy, the early signs of change are clear. The simplified processes, combined with the efficiency and convenience of online services, are forecasted to drive a shift in the role of insurance agents. Instead of manual, technical tasks, agents will focus more on understanding and addressing the specific needs of their clients.

Timur Turlov’s insights highlight the importance of adaptability and continuous learning in this rapidly evolving industry. The future of the Kazakhstan insurance market lies in its ability to embrace these technological changes and leverage them to enhance service delivery and customer satisfaction.

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