Member's Success stories
Oybek Khalilov, CEO at Tenger Insurance and AmCham Vice Chairman
This time AmCham is pleased to host Mr. Oybek Khalilov, CEO at Tenger Insurance and AmCham Vice Chairman, to tell us a little bit more about his life principles and share the secretes of his business success.
How did you get where you are today, and who/what helped you along the way?
Knowledge comes with experience: for over 20 years I have taken senior roles in the world’s leading insurance organization – American International Group, Inc. Managing AIG operations in a different countries and jurisdictions I have gained invaluable professional experience and an in-depth knowledge of property, casualty, and financial insurance products. In 1995 joined American International Group as CEO of political risk insurance JV and spent four years at AIG in London. And later, I was in charge of AIG general insurance operations in Central Asia and Caucasus from 2000 to 2015. I’ve learned a lot from both peers in the AIG as well as from leading players and regulators of local insurance markets.
What are the principles you mostly adhere to in the business?
I believe professionalism and integrity are the most important principles. Professionalism, being versatile and skilled in all business areas, effective networking and communication, leading by example is essential. I highly appreciate integrity and always trying to share good governance practice and high ethical standards to affect those around me positively.
What was the shortcoming that was the most challenging for you in the business?
Lack of relevant market intelligence, ambiguous legal and regulatory environment, changes in political environment, lack of professionally trained local staff: in the insurance industry key local staff have been working for many years in banking industry but do not have adequate insurance professional training and always at a loss when dealing with unexpected issues and resilient to changes. As my personal goal I will probably say establishing benchmark insurance operation and become an Employer of the choice in the local financial market, so it is more about our talent, to leave best professional team behind me when I leave the country.
After all this success, what do you struggle with now?
For insurance business I think the most important is improvements in insurance culture, so once people will get used to buy insurance and not only compulsory insurance. And as for general business environment I think it is important to have a greater level of transparency, to have high integrity and ethical standards, it is still quite hard to do civilized business in the current environment.
What is the latest business achievement you would like to highlight right now?
Tenger Insurance is still considered the Best insurance company in Mongolia by many, especially due to our best in class risk management practices, reinsurance reliability and claims efficiency proven by a large-scale fire loss recovery of Gobi Cashmere factory paid within 3 days. Continued low loss ratio and low acquisition cost resulted in improved combined ratio of 92.3%, making Tenger Insurance the most profitable insurer in 2017. Forecasted growth in retail segment due to online sales platform and tailored product development would differentiate Tenger Insurance on the local market in the upcoming year. We are glad to be recognized by the Mongolian National Chamber of Commerce and Industry and the International Finance Magazine as the Best Insurer in Mongolia in 2017.