The innovative mobile insurance service "Europrotocol" was officially presented at Digital Bridge 2023- the largest technology forum in Central Asia
12.10.2023 17:30 UTC+5
On October 12-13, 2023, the capital of Kazakhstan hosted the international forum Digital Bridge 2023,an international forum centered around the theme: “Artificial and Human Intelligence: The Right Balance”. The forum focuses on exploring the role of artificial intelligence in today’s world. The event was traditionally held with the participation from the President of Kazakhstan, Kassym-Jomart Tokayev, as well as global tech leaders, prominent IT experts, and venture investors from across the region.
As part of the forum’s agenda on October 12, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market presented a new digital service in the insurance sector - the “Europrotocol.” This mobile-based solution simplifies the claims process for mandatory auto insurance in the event of minor road accidents and is scheduled to officially launch on January 1, 2024. The Insurance Payments Guarantee Fund is acting as the project coordinator and commissioning body, while First Credit Bureau LLP is responsible for technical implementation.
The Europrotocol will be applicable if the estimated cost of vehicle repair does not exceed 369,000 tenge, there are no injuries or fatalities, only the vehicles involved are damaged - without harm to third-party property, and the drivers do not have any disagreements regarding the extent of the damage and the circumstances of the accident . Furthermore, liability coverage must be in place for both drivers. In such cases, motorists will be able to complete the claims process collaboratively and digitally, using a mobile application. The system requires biometric identity verification and digital document validation, as well as uploading photo and video evidence from the scene. Insurers will process and disburse payments directly to the affected party’s bank account based on the submitted digital materials.
Compared to the traditional procedure, the Europrotocol offers several advantages:
- Simplified and convenient documentation process
- The affected party is not required to submit an extensive set of documents to the insurance company, as is typically necessary in standard procedures
- Elimination of the need to call and wait for traffic police at the scene of the accident
- Expedited insurance compensation process-with payouts made within up to 6 days
- Reduced pressure on road traffic and traffic police resources
Other insurance providers will also be able to develop their own compatible digital services, offering consumers the freedom to choose the most convenient opti
