At some point in our lives, each of us has had to take out insurance. Perhaps home, life, health, or travel insurance... Insurance has long been part of everyday life in developed societies. However, for Axiom, it is much more than a contract. "Insurance is a trusted partner in people's lives, thanks to innovation, transparency, and solutions tailored to their real fears and dreams," explains Tsvetelina Mihaylova, Chair of the Board of Directors and CEO of Axiom Insurance Company.
According to the expert, many changes are coming in the next ten years. There are, of course, risks, but there are also many new opportunities for the insurance sector in Bulgaria.
"Challenges and opportunities always go hand in hand. The risks come from the areas that most strongly influence our lives: climate change, the digital environment, demographic changes, and the advent of artificial intelligence. It brings concerns related to the privacy of personal data, potential dependence on algorithms, as well as questions about the ethical and responsible use of technology and more. Will the personal approach to each customer be lost or preserved? But this is precisely where the greatest opportunities lie," says Tsvetelina Mihaylova.
However, she is optimistic about people's thinking and sees a positive, albeit slow, change when it comes to insurance."Many young people are starting to think about their future more responsibly than previous generations. The pandemic, war, inflation—all these factors have reminded us that security is not a given. In our society, there is still a feeling that 'it won't happen to me'. Insurance remains on the periphery until reality knocks on the door," says the expert.
And here's an interesting observation. Tsvetelina Mihaylova notes that the most surprising thing is how much a personal story can change an entire philosophy of life."I often meet people who have underestimated risks for years—until something unexpected happens to them. Then insurance ceases to be a formal document and becomes a source of support. This teaches me something very important: we, as insurers, do not actually work with statistics, but with human hopes and fears. Our role is to translate uncertainty into the language of security. But there is another difficulty here – the lack of awareness and knowledge of the product. When people do not fully understand what their insurance covers, this often leads to dissatisfaction in times of need. That is why our goal is not only to offer protection, but also to explain clearly, transparently, and accessibly so that our customers can make informed and confident decisions," she explains.
Tsvetelina Mihaylova is an expert with nearly 30 years of experience in the insurance industry. Her professional development began at Bulstrad, and she subsequently held various management positions at HDI Insurance, Tokuda Health Insurance, and Bulgaria Insurance.
Axiom Insurance Company AD has been operating since 1997, providing a wide range of insurance products and services. In 2024, the company achieved 120.5% growth in gross premium income and confirmed its stable financial position with a solvency ratio of 127%.
