Insurance system for Mongolia
A fast-growing market with high potential
- 15+insurers
- 200+ billion ₮premiums
- 25%market growth
Market
The insurance market of Mongolia is growing steadily together with the country’s economy. The regulator is improving insurance legislation, and agricultural insurance protects herders from natural risks.
Regulatory requirements
- FRC reportingRegulatory forms of the Financial Regulatory Commission
- TugrikNational currency and multi-currency contracts
- Mongolian languageInterface and documents in Mongolian
What is adapted in the system
The system is adapted to the Mongolian market: statutory compulsory driver insurance, index-based livestock insurance, local banks and FRC reporting.
Statutory MTPL
Base rates by vehicle category are included in the delivery, and inspection and settlement deadlines are calculated under the law with a 0.5% penalty.
Index-based livestock insurance
Payouts to herders by the area index with no claim notifications, for example after a dzud.
QPay and Khan Bank
Premium collection and payouts through Mongolian payment gateways.
FRC reporting
Report generation, signing and submission. The Mongolian regulator’s forms are delivered as a pack.
Screening and bureaus
The credit bureau of the Bank of Mongolia, checks through the tax service and AML thresholds in tugrik.
Mongolian language
Full interface in Mongolian with Cyrillic script.
Other countries
Kazakhstan
Russia
Kyrgyzstan
UzbekistanShall we show the system on your products?
We will build your product in the builder, take a policy from quote to claim and estimate the implementation cost for your lines of business and countries.