The need for innovation in insurance products and services
According to the monetary financial news quoted by Shada, Seyed Ehsan Khandozi, Minister of Economic Affairs and Finance, in a meeting with the managers of the country’s insurance industry, while explaining the ministry’s expectations from this industry, said: to innovate in insurance products and services; We must change the current course.
In this meeting, which was held this evening at the Ministry of Economy, Khandouzi called some insurance services, including life insurance, credit to cover risk, installment insurance sales, and اقتصادی very useful economic innovations and helpful to the production and industry of the country. Of course, compared to insurance services in other countries, they are still less diverse.
The Minister of Economy called the development of risk-based insurance one of the important points considered by the Ministry of Economy and said: “There is no escape from moving in this direction and we should distance ourselves from methods based on discounts and rate breaks in insurance competitions.”
Khandouzi described the “digital transformation” in the insurance industry as another requirement of the industry: “It is expected that insurers will” adjust “to the new conditions and move towards being able to issue insurance policies online. Pay damages and… take action.
The Minister of Economy considered “pursuing electronic communications of insurance systems” as an important goal and added: “Groups within the insurance industry are resisting this issue, because it is against their interests; But you and I as trustworthy people to promote the insurance industry; We are obliged to pursue this issue and face such resistance.
The Minister of Economic Affairs and Finance also called “insurance risk securitization” another of his expectations from the country’s insurance industry and said: “This can be a very important issue in the context of the penetration of the capital market in the country to a population of 50 million.” Someone has arrived; Be very effective.
Khandouzi called “Sharia tools” one of his other expectations from the insurance industry and said: “We are behind many of our peers in this index and we do not have a favorable situation at all in the field of Sharia-based tools in this area.”
In the end, the Minister of Economy emphasized: the address of these topics and expectations are both the insurance companies themselves and the central insurance, which should direct the insurance companies in this direction with their rules.