Thursday, April 11 2024 13:02
Karina Melikyan

By rebranding, INGO Armenia IC begins new stage of development

By rebranding, INGO Armenia IC begins new stage of development

ArmInfo.By changing the trademark from "INGO Armenia" to "INGO", the insurance company begins  a new stage of its development. As stated in the official statement of INGO IC , the new "simplified" brand name reflects the company's desire to simplify the understanding of its services, to make insurance simple, transparent and reliable. "INGO's mission is to reduce risks and provide clients with the freedom to make confident decisions," the company said in a statement.

One of the priority areas of INGO development is bancassurance. The  innovative bancassurance products developed by the company allow  clients to protect themselves from credit, operational and other  risks associated with banking products.

The company has made radical changes to improve the quality of  customer service and simplify the claims process, providing each  client with simple and affordable insurance services.

The Company's CEO, Rafik Suvaryan, noted: "We strive to create a new  market and a new culture of insurance, where every person feels  confident and protected. Our goal is to change the idea of insurance,  making it simple, reliable and accessible to everyone." The company  has played a key role in the development of the Armenian insurance  market for decades and is now investing its experience in developing  innovative insurance solutions.

The company is a market leader in travel insurance, health, property  and accident insurance. At the end of 2023, INGO served more than 250  thousand clients, paid compensation for almost 10 billion drams, and  assets amounted to about 20 billion drams. In Q1 2024, the company  strengthened its position in the market and, under a new brand,  continues its development path in the direction of innovative  modernization and improvement of services.

The INGO Armenia insurance company has been operating in Armenia  since September 1997. As of January 1, 2024, the Company's  shareholders are Invest-Polis CJSC with a 75% participation of share,  owned by the Russian Ingosstrakh IPJSC, and Levon Altunyan with a 25%  participation of share. "INGO Armenia" IC is licensed for 16 classes  of insurance and is one of three companies providing agricultural  risk insurance.

In 2022, the Russian parent companies of some Armenian insurance  companies were included in the Western sanctions lists.  As a result,  a reorganization process began in the market: the former RESO and  Rosgosstrakh Armenia companies went for rebranding and changed the  structure of share capital, re-registering as REGO Insurance and LIGA  Insurance. 

The above-mentioned Armenian subsidiary of the Russian Ingosstrakh  company, from which the  EFES insurance company grew, took a slightly  different path of reorganization with the spin-off of its client  base. Apparently, these two, one way or another, affiliated companies  will divide their market mainly into the banking products insurance  segment (INGO) and the health insurance segment (EFES).

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