At the same time the rating services market is demonstrating the potential for the most intensive development. Thus, in the conditions of market economy the interest of the economic process participants in objective and reliable information on the financial condition and business activeness of the enterprises has grown substantially.
All entities in the market relations including the owners (shareholders), the investors, the banks, the exchanges, the suppliers, the buyers, the insurance companies and others are interested in unambiguous evaluation of their partners' or clients' competitive position and reliability. The solution to this task was discovered in the early 20th century. This solution came in the form of rating evaluation.
At this stage of development of the insurance market, the information transparency of the insurance organizations is particularly important, as the protection of the rights and interests of consumers requires their awareness of the financial condition of the insurance organisation. This informational transparency determines the choice of the insurance company. This information is also required for the insurance companies for their self-evaluation, as well as to their shareholders and reinsurance agencies.
SAIPRO Company was founded in 1999. Today is represented by a strong team of professionals providing a wide range of consulting services starting with the business idea and including its successful practical implementation. Since 2004, SAIPRO Company, among other fields of its activity, also introduced a new service - the Rating of Uzbek Companies.
Thus, SAIPRO launched the "Rating of Insurance Companies of Uzbekistan" pilot project in the sector of non-life insurance. The aim of the project was to provide ratings to the insurance companies according to the criteria determining the financial stability and reliability. And now SAIPRO has set up a department responsible for the financial analysis and rating assessment of companies.
It is important to point out that SAIPRO Company was the first in Uzbekistan to develop and integrate the national rating scale. The main distinguishing feature of the SAIPRO's methodology, setting it apart from the international raters is in the fact that the scale targets only the companies operating in the Republic of Uzbekistan.
It is worth noting that as the company accumulated experience and implemented the recommendations and suggestions of the rated insurance companies, the number of indicators, as well as the methodology used by the company were constantly improved. Thus, in the early years of the project it covered only 3-4 insurance companies, whereas now over ten insurance companies participate in the rating.
The methodology of the rating assessment used for the insurance companies by SAIPRO lets it identify the most important parameters of their activity, their strongest and weakest points, the ways to their solution, which is particularly valued by all local companies.
The main principle of the SAIPRO's rating assessment methodology is based on the comparison of its indicators for each of the factors considered against the average indicator for the whole national insurance market. The analysis reveals the factors that positive and those that negatively affect the company's paying capacity. This approach allows stepping away from the "ideal" characteristics and identify the most reliable companies within the given conditions.
The SAIPRO's advantages include the following:
In conclusion it is worth noting that the rating of the insurance company not only characterizes its reliability, but also, in essence, is a powerful PR-tool, as it targets general public. Besides, the rating serves as an evidence of the fact that the insurance company has a stable portfolio, that its activity is transparent and the company is prepared for civilized operation in the insurance market.
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