16:44 - 28.10.2025

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October 28, Fineko/abc.az. Work is underway in the insurance sector of Azerbaijan to introduce model "Recognize your Customer".

ABC.AZ informs that Panakh Bennayev, the director of the Insurance Regulation Department of the Central Bank of Azerbaijan (CBA), made this statement at the Insurtech Summit of the Turkic World - 2025, held in Baku.

He added that consumers tend to purchase insurance products from distance.

"This raises identification issues. We are already creating the possibility of remote sales with identification, as well as implementing legal regulation in this area. At that, it presents a single platform: after insurers identify their customers, other insurers will be able to recognize these customers without repeating the identification procedure," he noted.