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Mikhail Volkov: “Fintech can pose only a mid-term threat to us”

General Director, Chairman of the Management Board of Ingosstrakh Insurance Mikhail Volkov believes that fintech companies can pose only a mid-term threat to traditional insurance companies.

He noted to Banks.am that the term “insurtech” is widely used along with “fintech” nowadays.

“These companies work hard and strive to find new solutions. Of course, with their speed and innovation, they can pose a threat to traditional insurance companies. However, we aren’t standing still either. We carefully follow fintech companies and invest in leading technologies,” said Mikhail Volkov.

According to Ingosstrakh General Director, they will aim to be the most digital, fast and customer friendly in the field, therefore, they hope to keep the leading position in the market and be considered a solid competitor by fintech organizations.

“It would be a mistake to say that fintech companies have no future. On the other hand, it’d also be wrong to assume that we’ll lose the market to fintech. In any case, financial stability is the most important thing for insurance, and fintech competitors will motivate us to be faster and more customer friendly,” said Mikhail Volkov.

He also didn’t deny the huge role that digital technologies have in the world of future.

“Digital technologies are the future, so we do and will do everything possible to be among world leaders in the introduction of these technologies. We’re certain insurance will be in demand for many years to come and we see Ingosstrakh as the leader of the future insurance market,” stressed Mikhail Volkov.

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