IRAO

What IRAO does

IRAO (JSC International Insurance Company IRAO) is a Tbilisi-headquartered insurance company founded in 2004 and wholly owned by Vienna Insurance Group (VIG) since 2010, making it the only fully-owned VIG subsidiary operating in Georgia. The company offers a broad retail and commercial insurance portfolio spanning individual health, auto (casco), property, travel, and pet insurance, alongside corporate products including group health, commercial property, fleet, mandatory accident and liability, cargo, and bank guarantees. IRAO distributes its products through a hybrid model combining eight service centers across Georgia, an online self-service portal (online.irao.ge), iOS and Android mobile applications, and a dedicated corporate sales team, with pricing tiers ranging from 1.5 GEL per day for travel insurance to bespoke corporate packages requiring minimum five employees.

The company's technology stack centers on a digital insurance platform that supports online policy purchase, account management, claims submission, and 24/7 customer assistance via a hotline. IRAO has built an extensive partner discount ecosystem across healthcare clinics, rehabilitation centers, automotive service providers, EV charging, and pet care vendors — extending the effective value proposition beyond core insurance coverage. Named customers span Georgian SMEs and individuals (Ushen Capital, Divo, Parvus Group, LemonDo) with no single anchor dominating the revenue base.

IRAO employs approximately 300 staff across Tbilisi and regional offices and has progressively expanded its physical footprint since 2010. The firm received Great Place to Work certification in 2024 and is recognized as one of the leading insurance providers in Georgia by customer satisfaction. Revenue and financial results are not publicly disclosed, but the breadth of the product portfolio, VIG backing, and sustained branch expansion indicate a stable, mid-tier regional insurer operating within the small Georgian insurance market.

Name

IRAO

Legal name

JSC International Insurance Company IRAO

Website

https://irao.ge

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

251–500 employees

Short description

IRAO is a Tbilisi-based insurance company and the sole 100%-owned Georgian subsidiary of Vienna Insurance Group, offering retail and commercial health, auto, property, travel, and pet insurance distributed through 8 branch offices and digital channels.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Insurance Agencies and Brokerages (524210), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411), Surety Insurance (6351)

akta.pro primary industry

Medicare Plan Distribution & Brokerage (Captive, Independent, FMOs) (FSAIAGAH)

Keywords

• General insurance services
• Health insurance
• Auto insurance
• Property insurance
• Corporate insurance packages

Headquarters

HQ city

T'bilisi

HQ country

Georgia

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Insurance Premiums: Recurring premium payments from individual and corporate insurance policies covering health, auto, property, travel, and pet insurance
2. Corporate Health Insurance: Group health insurance packages for businesses with minimum 5 employees, including family doctor services, hospitalization, and specialized care
3. Pet Insurance: Monthly pet insurance premiums covering veterinary expenses for dogs and cats under 10 years of age
4. Property Insurance: Commercial and residential property insurance covering buildings, equipment, inventory against fire, theft, and natural disasters
5. Casco Auto Insurance: Comprehensive vehicle insurance with individual rates based on driving experience and tailored terms
6. Travel Insurance: Single-trip and multi-trip travel insurance policies from 1.5 GEL daily
7. Bank Guarantees: Financial guarantees for public procurement including tender, contract performance, advance, quality, and customs guarantees
8. Cargo Insurance: Insurance coverage for goods during land, sea, or air transportation

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

IRAO is a Georgian insurance company offering a comprehensive portfolio of insurance products for individuals (health, auto/casco, property, travel, and pet insurance) and corporate clients (group health, commercial property, fleet, accident, liability, cargo insurance, and bank guarantees). The company distributes its policies through a digital self-service platform (mobile app and online portal at online.irao.ge) and 8 physical service centers across Georgia. As the sole 100% Georgian member of Vienna Insurance Group, IRAO combines European insurance standards with local market presence.

Product overview

IRAO is a Georgian insurance company offering a comprehensive portfolio of insurance products for both individuals and businesses. The product portfolio includes individual offerings (health, auto/casco, property, travel, and pet insurance) as well as corporate solutions (health, property, fleet, accident, and liability insurance). Additional products include bank guarantees and cargo insurance. The company operates a digital platform comprising a mobile application and online portal for policy management, claims processing, and service access. IRAO is a member of Vienna Insurance Group, providing European-standard insurance services in Georgia.

Differentiator

Problem solved

Functional benefit

Products and services

• Individual Health Insurance

Quantifiable outcome

• Travel insurance starting from 1.5 GEL per day
• +4 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

21 partnerships are on record, tiered minor and core.

• Diagnose.meminorStrategic or Co-development Partner · 10 March 2025Health partnership providing IRAO customers with expert health assessments from world-leading medical specialists.
• VoovlyminorStrategic or Co-development Partner · 13 November 2024Auto expert partnership offering IRAO customers free call-out service for car-related issues including repairs, tire changes, and technical inspection. Available in Tbilisi and within 25km radius.
• Zurich Medical Research CentercoreStrategic or Co-development Partner · 13 March 2024Official partnership providing IRAO customers with 10% extra coverage on laboratory tests. Family members of insured receive 50% discount on tests regardless of settlement and number of tests. Located at Bidzina Kvernadze Street #13, Tbilisi.
• Rehabilitation Centre KinesisminorStrategic or Co-development Partner · 1 January 202460% discount on rheumatologist/rehabilitation doctor consultations and test training; 20% discount on 1-month treatment courses. Located at Ljubliana Str. #38A, Tbilisi.
• Symmetria ClinicminorStrategic or Co-development Partner · 1 January 202415% discount on rehabilitation procedures and 50% discount on doctor's consultations at clinic locations in Tbilisi, Batumi, and Kutaisi.
• Dr. Bubnovski CenterminorStrategic or Co-development Partner · 1 January 202415% discount on rehabilitation procedures and 50% discount on doctor consultations at Tbilisi location.
• Ken Walker ClinicminorStrategic or Co-development Partner · 1 January 202415% discount on rehabilitation services at Tbilisi and Batumi clinic locations.
• Davit Tatishvili Sports Medicine and Rehabilitation CentreminorStrategic or Co-development Partner · 1 January 2024Up to 30% discount for IRAO insured persons at Tbilisi center.
• Akhali MzeraminorStrategic or Co-development Partner · 1 January 202410% discount on laser vision correction for IRAO insured persons.
• EV PowerminorGTM or Marketing Partner · 1 January 202420% discount on electric vehicle charging at EV Power stations for IRAO auto insurance customers. Promo code is the policy number.
• AmboliminorGTM or Marketing Partner · 1 January 202425% discount on Amboli's full product range for IRAO auto insurance customers.
• Delphi MotorsminorGTM or Marketing Partner · 1 January 202420% discount on auto services including detailing, polishing, ceramic coating, interior restoration, button restoration, and sound insulation.
• LagunaminorGTM or Marketing Partner · 1 January 202420% discount on car wash and polishing services using high-tech equipment.
• New Auto TiresminorGTM or Marketing Partner · 1 January 202415% discount on tires for comfortable and safe driving.
• ZooMartminorGTM or Marketing Partner · 1 January 2024Free 'Zoocard' loyalty card from ZooMart pet store chain with pet insurance purchase.
• RingovetminorStrategic or Co-development Partner · 1 January 2024Up to 20% discount on veterinary services including vaccinations, hygiene grooming, laboratory, infusion therapy, parasiticide treatment, rapid tests, sterilization, chipping, and transport.
• SmartpawminorGTM or Marketing Partner · 1 January 20243 months free service including regular food supply, smart dispenser use, and scheduled feeding times for healthy systematic nutrition.
• FarminaminorGTM or Marketing Partner · 1 January 202410% discount on pet food at Farmina stores.
• Georgian Animal FederationminorStrategic or Co-development Partner · 1 January 202420% discount on pet store, grooming, taxi service, and legal services for insured dogs.
• Ocho/Fox GroomingminorGTM or Marketing Partner · 1 January 202410% discount on accessories and 15% discount on grooming services for insured dogs.
• ZooLifeminorGTM or Marketing Partner · 1 January 202410% discount on pet care products, accessories, and toys at ZooLife stores.

Scale indicators4 records

Recent moves15 records

Expansion highlights4 records

Broad incumbents

• Allianz CEE: Allianz has a broad insurance and asset management presence in CEE through subsidiaries and partnerships. As a global incumbent with CEE reach, it represents the broader competitive context against which IRAO positions via its VIG affiliation.
• PZU: PZU is the largest insurance group in Central Europe (Poland-dominant) with growing CEE expansion. Comparable to IRAO/VIG as a broad incumbent multi-line insurer operating across multiple CEE markets.
• Generali CEE: Generali operates a significant insurance footprint across Central and Eastern Europe including in the broader region. As a large multi-country incumbent, Generali's CEE platform overlaps with the European expertise positioning that IRAO leverages from VIG.
• Vienna Insurance Group (VIG): Vienna Insurance Group is IRAO's 100% parent and the leading insurance group in CEE with operations in 30+ countries. As a broad incumbent, VIG provides the European underwriting platform, capital, and reinsurance infrastructure that IRAO operates within.

Direct peers

• TBC Insurance: TBC Insurance is the insurance arm of TBC Bank Group, offering retail and corporate insurance products in Georgia leveraging TBC Bank's large customer base. A direct competitor to IRAO with strong bancassurance distribution that IRAO does not match.
• GPI Holding: GPI Holding is a major Georgian insurance and financial services group offering P&C, health, and life insurance products in Georgia. Competes head-to-head with IRAO in retail and corporate lines under a similarly diversified product and branch-led distribution model.
• Unison Insurance: Unison is a Georgian insurance company providing multi-line coverage including health, auto, property, and travel. Operates in the same Georgian retail and corporate insurance market as IRAO with comparable product breadth.
• Aldagi: Aldagi is one of the largest and longest-standing Georgian insurance companies offering a comparable multi-line product portfolio (health, auto, property, travel) to both retail and corporate clients in Georgia. Directly competes with IRAO in the same captive/affiliated distribution model and customer segments.
• IC Group (formerly Insonline): IC Group is a Georgian insurance company offering health, auto, property, and travel insurance to retail and corporate customers. Competes with IRAO in the same Georgian market across most of IRAO's product set.
• Ardi Insurance: Ardi Insurance is a Georgian insurance carrier offering P&C and health insurance products to retail and corporate clients. A direct local competitor with overlapping product mix and similar branch-based distribution in Georgia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/IRAO.VIG
• LinkedInlinkedin.com/company/irao-vienna-insurance-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IRAO