In recognition of its rapid growth and exceptional customer service, New Vision Insurance has been honored with the prestigious Golden Brand award in the category of “Dynamically Developing Brand” in Georgia.
Since its start in 2020, this innovative company has distinguished itself in the Georgian insurance market by prioritizing customer satisfaction and leveraging modern digital technologies to streamline its services. With a diverse range of insurance products tailored for individuals and corporations alike, New Vision Insurance caters to a broad demographic, ensuring that clients of all ages, genders, and income levels find the coverage they need.
Rooted in the mission of its founding entity, New Vision University, the company is committed to enhancing community well-being through education, research, and innovation.
Zurab Stambolishvili, the General Director of New Vision, told Golden Brand that about three years ago, the company made the decision to reevaluate its priorities and enhance its portfolio by adopting a “more rigorous” risk management strategy.
“Previously, our company was known for its aggressive market penetration strategy and high-risk appetite. We believe that winning the Golden Brand award reflects our commitment to this new approach. This strategy has enabled us to achieve both consistent growth and financial stability. I believe this shift has been beneficial, and we will remain dedicated to it in the future. Winning this award is also a testament to our noticeable dynamic development, which is truly gratifying,” he said.
Q. Please tell us about the inspiration behind the founding of New Vision. What motivated you to create a new company in a market that is saturated with insurance providers? What new perspective have you brought to insurance?
A. Insurance is a unique field because it provides protection against risks that people prefer not to think about, making it a challenging product to sell. Our mission is to help people understand the value of making a relatively small investment today that can offer significant support when unexpected risks arise. We strive to make insurance not just a safety net, but a smart and essential part of everyday life.
New Vision Insurance was founded with the intention of fulfilling the high sense of social responsibility held by its founder. We believe we still carry this responsibility and will continue to play a positive role in the future, as this mission has been entrusted to us since our inception.
Traditional insurance products are now so deeply embedded in the market that opportunities for innovation seem rather limited. Nevertheless, we firmly believe that innovation is essential, especially as the needs of customers and the risk landscape continue to evolve. We are committed to adapting insurance solutions to meet these changes, while rigorously assessing the new risks that accompany innovation.
While it’s true that introducing new products comes with the challenge of educating the market, we see this as an opportunity rather than a hurdle. We have already developed several unique and forward-thinking insurance offerings. However, we are currently adopting a strategic, wait-and-see approach, carefully evaluating the optimal timing and method for launching these products to ensure they reach their full potential.
Q. What is the most popular type of insurance among the Georgian populace?
A. The consumer base for insurance products constitutes a small portion of the Georgian population, presenting both a challenge and an opportunity for growth.
A significant challenge is that many consumers use insurance primarily to cover their current expenses. Insurance should ideally protect against unforeseen losses and help individuals manage costs that would otherwise strain their finances and lower their quality of life. However, as a large segment of consumers begin to use insurance to cover routine expenses, the overall cost of insurance rises, and conditions worsen for the very cases it is meant to address.
As you know, our economy is still in the early stages of development. In such environments, it’s natural for primary consumption sectors to take precedence. When it comes to insurance, health coverage stands out as an essential product viewed by many as a necessity on par with basic needs like food, with approximately one in five citizens enrolled.
Car insurance is also gaining attention, largely due to our complex and often congested transportation infrastructure, which increases both risk and the need for protection. Car insurance, I believe, covers only about one in every ten vehicles on the road.
In addition to voluntary products, there’s strong demand for mandatory insurance offerings. Travel insurance, for instance, is commonly required for Georgian travelers to cross international borders without complications. Similarly, various forms of professional liability insurance, mandated in certain industries, have seen growing public interest and adoption.
Q. What was the total amount of premiums collected in 2024, and what was the resulting net profit?
A. Our strategy focuses on creating a diversified portfolio, encompassing the entire Georgia. We aim to diversify not only our products but also our client base, which includes domestic industries, small and medium-sized companies, individuals, and large corporate clients. This approach helps us mitigate risks associated with specific groups.
In 2024 we collected premiums totaling 20 million GEL, resulting in a net profit of more than 3 million GEL. The previous year was also profitable, and we increased our total return on assets by three percentage points to 12 percent, compared to nine percent in the prior year. I believe this improvement is one of the best indicators in the market.
What sets us apart from our competitors is our focus on long-term stability, rather than pursuing a large market share. Currently we rank around ninth or tenth, depending on the criteria used. However, when it comes to trust and reliability, our impact goes far beyond rankings. For the vast majority of our partners who have worked with us at least once, we are their first choice. That kind of loyalty and confidence speaks volumes about the way we do business.
Q. How has the company’s presence expanded in Georgia over the past year?
A. We began pursuing risk-based approaches and making corresponding portfolio changes in 2022, and these efforts continue today. Last year, we made several significant adjustments, including our decision to withdraw from agricultural insurance in the eastern Kakheti region. This decision was based on the unpredictable nature of the region’s agriculture, which is not technologically advancing and is heavily affected by the high risks associated with climate change.
We also opened a representative office in the western city of Kutaisi and strengthened our regional presence in Javakheti, in southern Georgia. This trend continued this year, as we opened a service center in the Black Sea port city of Poti in February. Given current economic trends, we believe transport infrastructure and related economic activities will significantly shape Georgia’s future in the medium term, making our investment in this area timely.
Last year we began reducing portfolio risks by partnering with one of the world’s largest reinsurers. This collaboration not only enhances our financial stability but also provides greater security for our customers while improving our expertise. Many customers assume that a larger insurer is more reliable; however, by diversifying risks and distributing them to a reinsurer, we, as a medium-sized insurer, can manage similar risks effectively and continue to deliver high-quality financial services.
We are committed to expanding our network, albeit with caution. In the coming year, we plan to make strides into the Black Sea Adjara region, where anticipated high economic activity presents an opportunity for growth. This expansion will enhance the diversification of our portfolio, making our company more sustainable and resilient.
Q. How much of a priority is customer satisfaction for the company, and can you provide examples of decisions made to enhance customer satisfaction?
A. For financial service providers, including us, customer trust and satisfaction are of utmost importance. Our business is fundamentally built on trust. Our primary goal is to act fairly, and I hope we are successful in this endeavor. There have been numerous occasions where we considered the challenging situations our customers faced. In many instances, even when the contract permitted us to make decisions in our favor, we chose to prioritize the customer’s needs instead. However, it’s important for customers to understand that while we strive for fairness, our business isn’t charity; it requires precision and accountability. Any additional risks that a customer wishes to have covered will incur extra costs, which should be taken into account at the time of signing the contract, or the later, but before such events arise.
To enhance customer satisfaction, we invest significantly in employee training. We recognize that this is an ongoing process and are committed to improving in this area even further.
