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Insuring a developing Mongolia

Article - November 19, 2014

Bodi Insurance look to raise awareness about the importance of insurance in the rapidly developing country, as well as reach out to tourists visiting the country.

As one of Mongolia’s oldest insurance companies, Bodi Insurance is one of the leaders in the country’s fledgling sector.

Founded in 1995, the firm’s steadily growing number of customers and increasingly impressive financial performance over the past two decades has seen it scoop the Mongolian National Chamber of Commerce’s top prize for “Best National Insurer” multiple times over recent years; indicative of its expanding operations and mounting prestige.

“What makes us advantageous from them is we have close ties with financial institutions,” explains Mr. Otgonbayar, the CEO of Bodi.  

“Our shareholder is Luvsanvandan Bold who is the Minister of Foreign Affairs and our General Director is also a director of Golomt Bank and the Swedish Ambassador (to Mongolia).  Many of the financial advisors also come from Sweden which means our human resource is strong, and at the same time we hire local employees and train them abroad which creates a strong workforce that understands the local situation.”

“Secondly, our products vary on many aspects,” he continues. “All the products that we provide are finished to perfection, and even the gifts we provide to our clients are well thought.

“We have mass clients from the suburbs and the presents we give them are practical in their life. For our herder clients we provide them with first aid kits and lights which charges by hand and solar. So everything we provide for our clients considers their need and satisfies them.”

Aside from such gifts that the company gives to their customers – many of which come from the rural areas of the country – Bodi is trying to further educate Mongolian citizens about the importance of having an insurance policy.  

“The new Mongolia is turning into a settled people with a modern way of living,” says Mr. Otgonbayar in reference to the country’s transformation from its largely nomadic tradition, to a more urbanized nation with a globalised economy.

“Nomadic people are not interested in insurance, but when there is a greater concentration of people then the situation of risk arises, so even in insurance sector we are working based on this fact.

“Our company is reaching the vast lands of Mongolian public with its 600 representatives situated in the 21 aimags and we seek to be the leader in the commercial sector.”

Meanwhile, as domestic demand for insurance continues to develop, the industry look towards reaching foreign clients as well.

“One of the advantages about Bodi is that we cooperate with the organization International SOS (the world’s leading medical and travel security services company), and we are the only company who is providing 1 million dollar insurance to travelers who are going abroad. This is the highest reimbursement rate in Mongolia,” says Mr. Otgonbayar.

“We also provide insurance cover that protects customers in Mongolia, and if in need of urgent treatment we will send a helicopter and send the patient to their country.  I consider this insurance as the biggest distinctiveness from any other companies here, so I would like to proudly state that if you are planning to come to Mongolia we are the strongest and most experienced in dealing with tourists.”