INSURANCE, BUT NOT AT ANY PRICE
It's the company philosophy of Bul Ins: Insurance protection should not be offered at any price, said Yordan Kifov, executive director of the company, to the Banker weekly.
He approved the obligatory nature of the Civil Responsibility insurance but not the way it is being sold. The power of a car should not be considered a decisive factor for the amount of the insurance premium, he said. But he claimed that when making the price of this insurance service one should take into account the following facts - when did the driver get his driving license, has he ever caused any accidents and if so, how many and when?
Only when the method of offering Civil Responsibility is changed, when people realize they need it and start to buy it shall we intervene in the market, explained Mr Kifov.
Bul Ins is mostly known as a car insurer but this image is about to be changed. Car insurances formed 80% of all insurance services of the company in the past years but they fell to 53% in 2000.
Casco, Travel Aid and the so called lease insurances of the General Financial Losses group were the three products that Bul Ins sold best. The philosophy of the company is not to sell everything but just a few services at a good price.
It's worth noting that Bul Ins offers just 9 of all 18 types of insurances, provided by the law. Besides, the good price is not necessarily the lowest one on the market. Bul Ins offers the most expensive Casco but nevertheless clients prefer it due to the quality of the service.
According to preliminary data, Bul Ins's 2000 premium income amounts to BGN50M. If it is confirmed, the company will rank fourth on the general insurance market, right after the big ones in the branch - Bulstrad, DZI and Allianz-Bulgaria.