Insurance company ALLIANCE, another investment project of Vadim Ermolaev, was included to the Top 3 leaders in the insurance market of Ukraine according to the results of the first half of 2017. Founded in 2003, the insurance company Alliance was among the Top 3 insurers of Ukraine. CEO Alexander Shraibman declared that this rate is the result of a consistent implementation of the mission and principles of the company.
We met with Alexander and talked about the IC Alliance plans of, prior experience working with public sector and also about the insurance market in Ukraine.
— Alexander, how did you come up with the idea to run an insurance business in Ukraine?
— Before 2003, I had held managerial positions in several insurance companies and as a manager, I saw all the faults and problems inherent in many businesses in Ukraine. But it was then when I framed my understanding of client-centered and consistent insurance. Very handy then I met Vadim Ermolaev and we saw eye to eye on business dealing built on quality service and constant increase in the number of services. I suggested developing the insurance sector in Ukraine, and Vadim Vladimirovich believed in this project. We managed to propel the Alliance Company to the top on the market and show ourselves to be a reliable insurer, who is trusted by thousands of Ukrainians! The secret of success was simple: you should meet the client in his needs and requests.
— What kind of services does your company render today?
— Property, cargo, credit risk and motor transport risk insurance, and also medical insurance was defined as a priority. Though at the same time, we keep an eye on insurance services market trends and constantly increase opportunities for our clients.
— The Alliance is one of the few companies that successfully work with state-owned companies. Could you please tell us a bit more about work in this area?
— Well, we think that it’s a great responsibility that we are entrusted with the insurance of state property, and we appreciate the trust in our company so much. Among recent achievements is the conclusion of a contract with PAO “Turboatom” on property insurance, which is in the process of construction, installation, maintenance and other works to the value of UAH 5,985 million.
We got the contract by winning a tender in the ProZorro system, and we will provide insurance services up to and including October 31, 2023. Сompletion and putting into the commission of unit No. 13 block 4 of the second stage of the Dniester PSP are subject to insurance. Besides, as licensees, we are obligatory insurers of state aviation facilities. We regularly compete in tenders, because we are certain that public sector also needs quality service.
— You can be easily called an expert in the insurance business. Would you tell me, how do you think the insurance market will develop in Ukraine?
— The growth of the insurance sector will maintain moderate growth, keeping pace with the overall economic performance. We expect a gradual and stable growth of insurance payments; it is obvious that the trend of 2015 — 2016 will continue, which means that annually payments will increase on average by 15%.
The insurance market in Ukraine will be able to flourish provided that there is a regulatory legal framework based on international standards. It can be possible on condition amendments being made.
The majority of insurance companies have got serious problems with insurance payments. Generally, it is connected with high administrative costs, and the main problem remains insufficient capitalization of Ukrainian insurance companies. Typically these are small businesses that simply cannot guarantee payments, which is why there are constant scandals.
Generally speaking, we should increase the popularity of insurance services. For the moment, most of Ukrainians conceive insurance as additional liabilities, for example, as a condition for loan granting. The level of public confidence in the insurance system is still quite low. So, it is necessary to make this market as mush accessible, transparent and understandable for people as possible.
As we established this business with Vadim Ermolaev, we considered we would make transparency and accessibility of services our main principles, so all this years we have been implementing these principles in practice.