The insurance industry needs transformation – financial monetary news

According to the financial news report, according to the activists of the insurance industry, nowadays customers expect to receive the desired services at any time, place and situation with greater ease, and the existence of this demand can definitely lead the insurance industry towards digital transformation. This will contribute to the growth of insurance penetration.

However, we must accept this issue, companies that are not able to adapt to changes and update with digital developments, will either go out of business or lose a significant share of the market.

In other words, adaptive companies that can adapt themselves to technological trends will survive. Therefore, this importance makes it more important for insurance companies to pay attention to the digital transformation, so that they have the necessary planning for its realization and focus on the discussion of innovation management and the use of new business models. It should not be forgotten that the transformation in the insurance industry can provide the context for reducing costs, increasing the efficiency of companies in providing services, and more satisfying customers, etc., therefore, experts emphasize the need for all-round attention to this important issue.

The need to use new methods
In this regard, the Managing Director of Cooperative Insurance Company in a conversation with “Dunya Ekhtsot” emphasized that every influencing factor that causes the growth and development of the country’s insurance industry should be valued and added: Every activity at any point has big and small risks. Insurance can cover these risks and this means that the issue of insurance is important, and ultimately the development of this sector can create confidence and peace in the society.

Yunus Mazloumi emphasized that if we can create diverse and suitable coverages according to the existing risks, we have been able to answer a large part of the needs of the society and added: It seems that in order for the issue of insurance to be accepted and institutionalized in the society, this should be important. It should become one of the priorities in the country’s macro-planning, and the supportive view of the government should change in this direction so that other sectors in this chain also try to take effective measures.

According to him, any measure that increases the penetration rate of insurance in the country should be given serious attention. Mazloumi reminded: Currently, when we look at the developed countries where the insurance industry has grown properly, we see that they have used new technologies significantly so that they can develop the insurance sector using new and innovative methods. give

He stated that of course these developments in the insurance sector are not only limited to the issuance of insurance policies and new technologies are used in the payment and assessment of damages, risk management and even in the prevention of accidents and damages. With a time gap, in the future it will witness such developments, but what is currently being discussed as a digital transformation in Iran’s insurance industry is only the issue of online sales of insurance policies, which is definitely very different from what is happening in the world. And there is a distance.

Easy access to services for insurers
Mazloumi pointed out that we currently have a series of delays in the insurance industry that need to be resolved in the path of digital transformation. Office buildings do not have insurance coverage, and those that do have insurance coverage are underinsured, which can be very dangerous. Or in the matter of life insurances, we have a lot of backlog and we have not yet been able to create the necessary attraction for these insurance policies.

He continued: In this context, apart from the discussion of culture and information, it is necessary to provide tools and methods to help the policyholders, to be able to access insurance services more easily, and to carry out the steps of purchase to risk assessment and payment of damages in absentia and on time. get short

He believes that if these conditions are met, this will definitely help to increase the sale of insurance policies and ultimately increase the penetration rate of insurance.

This insurance expert further emphasized the use of new technologies in the design of insurance policies and insurance products and said: I believe that there are many areas that can help the insurance industry reach its real position in the country. Unfortunately, the insurance industry in our country is lagging behind compared to Iran’s economy, and compared to the insurance industry in other countries, it has not been able to grow.

According to him, there are many insurance products suitable for people’s needs in the world, which we can also design and introduce into the country’s insurance market. Certainly, in this field, while identifying the needs of the society and designing products according to these needs, necessary measures should be taken in order to introduce and create demand for new insurance policies.

In discussing life and life insurance as one of the important and effective factors in the growth of insurance penetration and the development of the insurance industry, Mazloumi emphasized that new technologies should be used in the field of selling these insurance policies and reduce bureaucracy.

According to him, the life insurance situation in the country is definitely very inappropriate compared to other countries and we are far from the ideal situation. But now that the issue of digital transformation is being discussed in the insurance industry, we should take advantage of this opportunity and we should try to include life insurance in this field and reduce paperwork and bureaucracy so that people can purchase this insurance policy in the most convenient way. Certainly, this issue requires the integration of information and access to data, which will also be possible with the use of new technologies.

Mazloumi continued to pay attention to creating demand in the insurance industry for the purchase of new insurance products and added: If we can create the necessary demand in the insurance market, this issue will definitely help the growth of the insurance industry. We have to accept that until this demand and need does not exist, no matter how many new products and services we design and enter this market, it will not be useful.

The need to revise the laws
In the end, he pointed out the need to review the insurance laws and regulations according to the developments that are taking place in this area and said: Of course, the review of the laws is like a double-edged sword, finding the optimal point is very important. Because it should not cause an increase in bureaucracies, it should be formulated to protect the rights of the insured, the injured and the insured, so as to ensure that the insured will receive their rights when the damage occurs.

According to this expert, finding the optimal point is a difficult task that must be done carefully in the path of digital transformation, so that on the one hand it does not slow down the growth of companies and does not prevent innovation and creativity in the insurance industry, and on the other hand, from the rights of policyholders. be defended

Mazloumi pointed out: In any case, being on the path of digital transformations is undeniable and the insurance industry must move in this direction continuously, but in this path, it is necessary to pay attention to some issues and cases.

Source: World newspaper