YEREVAN, June 4. /ARKA/. Armenia could become a practical platform for testing and implementing modern insurance technologies and solutions based on artificial intelligence. This was stated by Vaghinak Yeghiazaryan, Director of the Bureau of Motor Insurers of the Republic of Armenia, at the InsureTek Armenia 2026 international conference in Yerevan.
According to him, the conference is taking place at a crucial moment for the global financial sector, as digital technologies, artificial intelligence, automation, and data-driven decision-making are no longer concepts of the future for the insurance market.
“They are becoming the main drivers of competitiveness, productivity, and customer trust,” Yeghiazaryan said.
He noted that the Bureau of Motor Insurers of the Republic of Armenia is at the center of the insurance system and sees where processes are slowing down, where systems are disconnected, and where modernization is not a theoretical but a practical necessity.
Global Trends
According to Yeghiazaryan, a comparison of technologically advanced insurance companies in Europe, North America, and Asia with emerging markets shows that the difference lies not only in skill levels but also in productivity.
“The most digitalized insurance companies operate with significantly lower administrative costs, resolve claims faster, have higher revenue per employee, and provide a much better customer experience,” he noted.
Yeghiazaryan emphasized that digital transformation is therefore crucial for Armenia. He explained that technology is not only about reducing paperwork but also about creating a system in which decisions are made faster, the risk of fraud is lower, operating costs are more efficient, and insurance becomes more accessible and inspires greater trust among citizens and businesses.
Armenia’s PathHe noted that small markets typically follow large ones, but Armenia has the opportunity to choose a different path.
“Smaller systems can adapt faster, innovate more flexibly, and face fewer structural barriers,” said the Bureau’s director.
According to him, the goal is to create a fully integrated insurance environment where data flows seamlessly, processes are standardized, and regulators, insurers, and technology providers collaborate effectively.
Yeghiazaryan stated that Armenia has the potential to become not just a developing insurance market, but a platform where modern insurance technologies and AI solutions will be tested, refined, and implemented.
“Not because of size, but because of speed, openness, and a willingness to innovate. If we work effectively together, the solutions developed here can become a model not only for our region but also for much larger markets,” he emphasized.
GAIP Principles
Speaking at the conference, Aftab Hasan, founder of the Global Association of InsurTech Professionals (GAIP), stated that the organization strives to unite the insurance industry on a single global platform.
According to him, the insurance industry has remained fragmented for many years, while insurers, reinsurers, legal services, technology providers, and other ecosystem participants should collaborate on a single platform.
Hasan noted that such a model could not only strengthen the insurance ecosystem but also help more quickly identify and prevent insurance fraud.
He also emphasized that technology companies are not external players “penetrating” the insurance industry, but rather catalysts for its development.
According to Hassan, this was one of the reasons for creating the Global Association of InsurTech Professionals on a global scale, with chapters in major hubs.
GAIP Cooperation with Armenia
He expressed GAIP’s readiness to collaborate with Armenia in various areas of insurance.
Hasan also announced that the organization has launched the GAIP Academy, which aims to become a specialized university for the insurance industry.
“There is no global industry platform in the world that serves the insurance industry and teaches the entire spectrum of insurance.” “The GAIP Academy must meet this challenge,” he noted.
The GAIP founder also presented the GAIP Frontline Journalist Protection and Resilience Initiative, aimed at supporting journalists working in conflict zones and their families.
According to him, 11 reinsurers are ready to work on this product, which is planned for global launch.
About the conference
The InsureTek Armenia 2026 international conference is taking place in Yerevan on June 4. Representatives from the Armenian and international insurance and technology sectors, investors, and experts are participating.
