Insurance companies must compete in technological products
According to the report of Iran’s Economist correspondent, the Innovative Tuesdays technology campaign in Iran’s insurance industry was held yesterday at the central insurance office.
In this technological campaign, the introduction of digital technologies and the use of artificial intelligence in the insurance industry, including in the part of determining damages and paying damages to the insured by Parsian insurance managers; Oyar Hossein, CEO of Parsian Insurance, said: During the Corona epidemic, a good opportunity was provided for our colleagues to get acquainted with digital technologies. Also, by studying the experience of foreign insurance companies, they got acquainted with today’s technologies.
He suggested that employees can, through a contract with insurance companies, allow these companies to withdraw the last 4 digits or 5 digits of their account balance, which is usually not a significant number, at the end of each month on their behalf and spend it on buying life insurance and savings. do With this account, small amounts are collected that are not significant for everyone, but on the other hand, life insurance coverage and savings can be created for employees, and this is a joint insurance product between banks and insurance companies.
In the continuation of the meeting, Ali Fanadi, the deputy of Central Insurance Supervision, also stated that a change in behavior requires a change in attitude and knowledge, and said: In the technological survey meetings, firstly, we convey the new approach to the managers of the insurance industry, and secondly, we identify the best cases and technologies. And we introduce Some companies can use artificial intelligence to determine the amount of damage, which is common in the insurance industry. In such a way that the insured who has an accident takes a picture of his car and sends it through his mobile phone, and with the existing artificial technologies and algorithms, the amount of damage is calculated and paid in absentia.
The deputy of the plan and program of the central insurance of the Islamic Republic also about what supervision is done on the insurance companies so that the introduced products are fully presented to the customers? He said: In the regulatory mechanism, the first task is to change group and individual behaviors and attitudes and change knowledge by creating competition by creating companies. On the one hand, the introduction of technologies that are used in companies, causes us to call the rest of the insurance companies in the field of competition, so it is not dictated and ordered, but by introducing technologies, it tries to improve the competition in providing services, and this meeting is for Introducing and highlighting new services using technology is done in insurance companies.
Also stressing that the insurance industry has a special complexity, Fanadi said: there are less technological companies in this industry. In the world, these shorttechs are present after fintechs; That is, financial technologies and insurance technologies are together.
He added: By setting up the Insurance Innovation Center, we are trying to create competition between insurance companies in Central Insurance, and whoever brings a new idea to the insurance industry, we also calculate the technological needs of other companies. On the other hand, there are some people in universities and the innovation ecosystem who can meet the needs of the insurance industry, and our work is to connect these two groups, i.e. innovation centers in universities, with the insurance industry as applicants for these technologies.
The deputy of the plan and program of the Islamic Republic of Iran Central Insurance said: The innovation center has three pillars, including insurance companies that declare their technological needs. Also, there are technologists who provide solutions for those needs and the third pillar of investors, which includes VC and CVC venture companies that consist of insurance companies and technology companies that can undertake investment in this industry.
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