Knowledge Based Companies; The future necessity of the insurance industry
According to the financial news report, citing the public relations of Cooperative Insurance, Younes Mazloumi, CEO of Cooperative Insurance, in a conversation with “Iranian Banking”, emphasizing that knowledge-based companies, with their rapid growth, will definitely create a better future for insurance companies. Kurd: At the same time, the insurance industry is also about to undergo a major transformation called digital transformation. Therefore, knowledge bases and the insurance industry can help promote this industry together.
Pointing out that some industries are ahead of the insurance industry and have entered the digital transformation space earlier and have done great works, he explained: these industries have a better understanding of knowledge bases, but in the insurance industry, digital transformation and exploitation of knowledge bases are delayed. it has begun. Meanwhile, knowledge-based people can create a better environment for the insurance industry in various sectors such as issuing insurance policies, paying claims, and performing insurance service processes.
In another part of his speech about the possible risk of knowledge-based companies, the CEO of Cooperative Insurance said: knowledge-based companies are entering a new work environment and are trying to advance their goals with creative and innovative ideas; Sometimes they face risks; This is in the conditions that all the laws of the insurance industry keep companies away from various risks.
According to Mazloumi, it is actually the legal restrictions that bind the companies; Because laws and regulations always force companies to enter low-risk areas. The same issue has faced serious challenges in cooperation with knowledge-based companies, and based on this limitation, insurance companies lose good and successful plans.
The CEO of Cooperative Insurance Company also said about the challenges that exist in the knowledge-based field: As mentioned earlier, the main challenge of knowledge-based companies is the existing laws, but there are other challenges that are significant. For example; Sometimes in the insurance industry, things are done in isolation. This isolated functioning of different departments makes coordination and progress in the work difficult.
According to Mazloumi, one of the other challenges in this field is the issue of “portfolio-oriented insurance companies”, which reduces the motivation to invest in knowledge-based. This is while insurance companies have the ability to invest in more profitable sectors and take less risk.
The CEO of Cooperative Insurance Company also noted that bold investment has not been well received in Iran; Because they also believe that there are more attractive markets to enter and invest. In other words, when there are more attractive, more profitable markets with a safe investment return in a shorter period of time, investors usually do not enter the low-yielding and riskier markets.
Mazloumi also said about the current situation of knowledge-based companies in the insurance industry: Fortunately, cooperation between knowledge-based companies and insurers has started in the insurance industry; Therefore, the Vice President of Planning and Development of Central Insurance focuses a lot on knowledge-based issues and various plans are being implemented.
According to his announcement, there are currently nearly 100 knowledge-based companies and startups and companies of this type in the implementation stages of zero to 100 in the insurance industry, and if these plans are implemented in the near future, a great transformation will occur in the insurance industry.
The CEO of Cooperative Insurance continued to emphasize: There are several ways to do big things. In the first step, insurance companies should directly enter this field and implement various plans. Besides that, knowledge-based companies should get a better understanding of the insurance environment in order to plan based on its business environment in Iran. Because in this case, there is a better coordination for the activity.
Finally, by announcing that Cooperative Insurance Company has proposed several plans in this field, Mazloumi announced: These plans are under review, the details of which will be announced in the near future.