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).
