TBC Insurance

TBC Insurance Insurance Review

Brief Introduction and Overview of the Company

TBC Insurance, a wholly-owned subsidiary of TBC Bank, stands as a prominent player in Georgia's insurance market. Established in 2016 following its acquisition by TBC Bank, it serves as the bank's primary bancassurance partner. This strategic integration allows for seamless delivery of insurance products alongside banking services, creating a valuable combined offering for customers. The company’s significant market share and reputation for reliability contribute to the overall strength and growth of Georgia’s financial ecosystem.

Overview

Year of Establishment and Background Story

TBC Insurance commenced operations in 2016, strategically positioned as a subsidiary of TBC Bank, leveraging the bank's extensive customer base and established infrastructure. This integration marks a key milestone in the company's history, enabling efficient delivery of insurance solutions to a vast network of potential customers. The strategic alignment of banking and insurance products has proven highly effective in enhancing customer value and expanding market reach.

Key Milestones in the Company’s History and Growth

The acquisition by TBC Bank in October 2016 was a pivotal moment. This acquisition not only provided a solid financial foundation but also facilitated the integration of insurance services into the existing banking ecosystem. This synergy has been instrumental in the company's growth and market leadership, ensuring customer access to a comprehensive range of financial products.

Regulatory Compliance and Licenses

Details on Licenses and Certifications Obtained

TBC Insurance operates within the regulatory guidelines set by the National Bank of Georgia. The company maintains strict adherence to both local and international insurance standards, ensuring responsible and ethical business practices. Its licensing allows it to provide a diverse range of insurance services to both individual and corporate clients across Georgia.

Insurance Products and Services

Main Insurance Products

TBC Insurance offers a portfolio of insurance products catering to diverse customer needs. These include:

• Life Insurance: Primarily focused on compulsory credit life insurance linked to TBC Bank loans. This coverage safeguards against financial burdens in the event of death due to natural causes, accidents, or total permanent disability.
• Health Insurance: Currently, their prominent health offering is travel insurance designed to cover medical emergencies while traveling abroad. This comprehensive coverage extends to various situations, including urgent hospital and outpatient care, and even emergency dental procedures.
• Property Insurance: While specific details about property insurance offerings are limited in readily available sources, it's understood that TBC Insurance provides a range of property insurance products as part of its broader portfolio. Further details regarding policy types and coverage should be sought directly from TBC Insurance.

Coverage Options and Policy Details

The extent of coverage varies by product. For example, travel insurance typically offers worldwide coverage. The specific inclusions within policies such as their travel insurance, are comprehensive and often include coverage for situations related to COVID-19, ambulance services, emergency outpatient and hospital treatments, and even repatriation expenses.

Additional Services

Beyond core insurance products, TBC Insurance provides valuable support services, notably comprehensive claims assistance. This includes guidance and support throughout the claims process, including facilitating access to necessary medical services. While financial advisory services aren't explicitly advertised by TBC Insurance itself, its parent company, TBC Bank, offers a wide range of such services, potentially accessible through synergistic relationships.

Premiums and Pricing

Pricing Structure

Pricing varies depending on the type and specifics of the insurance policy. For example, travel insurance premiums are influenced by factors such as age and the length of the trip. Examples of annual premiums range from 1.5 Euros to 20 Euros, reflecting the individualized nature of policy pricing based on risk assessment.

Comparative Analysis with Industry Averages

Direct comparison with industry averages for TBC Insurance's premiums requires more extensive market data analysis that is beyond the scope of readily available information. To gain a more comprehensive understanding, a detailed comparison of premiums across various insurance providers in Georgia would be needed.

Discounts and Special Offers

Currently, publicly available information does not detail specific discounts or promotions offered by TBC Insurance. It's recommended to contact TBC Insurance directly or check their official website for any current offers or potential discounts.

Customer Service and Support

Contact Methods

TBC Insurance offers multiple contact channels for customer inquiries and support. Customers can reach the company by telephone (+995 32 242 22 22) or via email through their website. For travel insurance, specifically, there is 24/7 claims assistance to ensure prompt support in case of emergencies. The availability of multilingual support is not explicitly stated in the current resources but should be verified through direct contact with the company.

Pros and Cons of TBC Insurance Insurance

Pros

• Competitive Premiums (particularly for travel insurance): TBC Insurance offers travel insurance at competitive rates, making it an attractive option for those seeking affordable coverage.
• Comprehensive Coverage: The company strives to provide comprehensive coverage across its various insurance products, ensuring customers are well-protected against a wide range of potential risks.
• Convenient Integration with TBC Bank: The seamless integration with TBC Bank simplifies the process for existing bank customers, offering a convenient access point to valuable insurance solutions.

Cons

Based on the available information, identifying specific drawbacks for TBC Insurance is challenging. More in-depth research into customer reviews and comparisons with competitors would be needed to fully assess potential limitations. Limited public information regarding aspects such as claim processing times or customer complaint resolution may be considered areas for future exploration to provide a more holistic assessment.

Conclusion

Summary of the Main Points Covered in the Review

TBC Insurance, a leading Georgian insurance provider, offers a range of insurance products with an emphasis on customer service and competitive pricing. Its prominent travel insurance stands out due to its comprehensive coverage and 24/7 claims assistance. The company's synergy with TBC Bank provides a convenient access point to insurance for bank customers.

Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings

Individuals traveling to Georgia, particularly those who are not citizens or permanent residents, would benefit greatly from TBC Insurance’s travel insurance, which offers extensive coverage including COVID-19 related medical costs.

Frequently Asked Questions about TBC Insurance Insurance

For detailed FAQs and answers to specific queries regarding policies, claims procedures, or other aspects of TBC Insurance, please visit their official website. The website serves as the best resource for comprehensive and up-to-date information.

References

• [1] https://www.tbcbankgroup.com/about-us/at-a-glance/georgian-financial-services/
• [2] https://www.tbcbank.ge/web/documents/10184/798931/ENG+TBC+Insurance.pdf/224c4ea1-1af2-423b-8d87-6ef8ba76612a
• [3] https://www.tbcbank.ge/web/en/travel-insurance
• [4] http://www.insurance.org.ge/index.php?a=main&lang=eng&pid=3
• [5] https://online.tbcinsurance.ge/en/travel-insurance-for-georgia