On the occasion of Insurance Day in Iran, Insurance Research Center (IRC) conducts 25th annual Conference of Insurance and Development (25th N-CoID) with the major theme of exploring Insurance Industry, Innovation, and Information Technology with the assistance and sponsorship of Central Insurance of I.R. Iran (Insurance Regulatory and Supervisory Authority) on December 4th, 2018 at Tehran, Iran.
As its central focus “Innovation and Technology”, the 25th N-CoID is to draw attention to the various views of exploiting tech tools and new generation of disruptors and innovations in the insurance market. Accesses to technology in general and widespread use of mobile phones in particular, have changed business models in many industries including the financial services and undeniably the insurance market though the latter moves in its traditional slow pace.
Latest statistical data shows that mobile internet users in Iran have reached to 47 million. Also, over 10,490,000 Iranians are landline internet subscribers. Currently, 3G and 4.5G internet is also available by all the Iranian mobile operators in all the major cities in the country. Until the end of September 2017, 156,548,000 SIM cards have been registered by Iranians, of which 85,064,000 are active. All of this means that whether we like it or not, tech disruptors are already knocking at the door of insurance industry in Iran like the rest of the world.
This is where many incumbents in the industry and new insurance startups have already begun to look outside their own organizations in order to respond to challenges and grasp such tech opportunities. New products and services are developing which meet the needs of an ever-expanding and changing customer base. Costs begin to decrease as new ways of doing business evolve and emerging technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), not only provide customers with a better experience, but also streamline back office operations.
InsurTech is reshaping the insurance industry. Although, these disruptors are genuinely feared by some meanwhile cherished by others for their perceived core innovative drive, they have unique challenges in general areas such as competitive environment, data privacy, market consistency, fraud, employment and talents, insurance business models, brokers and agency statuses, customer needs and tailored products and services and at the meantime, ensues distinctive opportunities particularly in Iran such as the use of new shared technologies like Blockchain and Bitcoin to tackle sanctions and the introduction of microinsurance for remote areas of the country. 25th N-CoID is envisioned to discuss these topics and challenges in its panels and conference halls at Milad Tower at Tehran, Iran on December 4th.
IRC as part of its mission to promote academic research and applied studies is confidently intended to provide a meaningful environment for the conference whereby various scientific ideas and research findings along with market experiences and expertise are shared and exchanged with participants from various fields and business lines. Thus, supervisors, managers, insurers, reinsurers, professors, and students from across the industry and academia and the interested are invited to participate in this one-day annual event in order to collectively deal with many shared issues in the current ever-changing financial market.
Hereby, we cordially invite you all to participate in this annual nation-wide event and share your valuable ideas with the Iranian community.