Dr. Safari: “The Whole Insurance Value Chain Intertwined with Information Technology”
Nov. 27, 2018. As before, a media conference dedicated to the upcoming Conference on Insurance and Development was conducted at IRC.
Dr. Amir Safari, Head of Insurance Research Center, initially referred to the main theme of the 25th conference i.e. ‘Insurance Industry, Innovation, and Information Technology’ and said that this broad subject was chosen due to the fast growing application of technology in the ongoing transformation of the insurance industry and the changing demands and expectations of customers.
With regard to the various innovative exploitation of IT in the insurance industry, he stated: “Information technology can be helpful in the form of robo-advisors, drone loss assessors, blockchain, digital currency for the use in reinsurance transactions, driver risk assessment tools, health risk assessment tools, and IoT.”
Referring to how the whole value chain in the insurance industry is heavily intertwined with the information technology, Head of IRC added: “Generally, it is evident that automation is replacing with human-based processes in the whole insurance value chain. Using such techs, a whole bunch of personalization options come into play and premiums are calculated based on the risks a person is exposed to. Today, mobile apps are living with people and this has tremendously altered the insurer-insured relationship.”
“How are we able to react to and make appropriate decisions while new surging techs are disrupting the industry?” He asked. “In fact, InsurTechs are quite able to blindside the industry players. Thus, in such circumstances, we may not like to act passively or reactively, but to initially embrace the new techs and then behave accordingly.”
Emphasizing on how new business models can be challenging for both the InsurTechs and incumbents in the insurance industry, Safari said: “Claim processes are being transformed into machine-based procedures. Nevertheless, it is also noteworthy to mention that preventing any future loss is becoming part of the new insurance products.”
“While the emerging technologies are able to increase efficiency and effectiveness in the insurance market, basically, these evolving developments in the tech world will enable innovation in service providing more than ever before.” He added.
The 25th National Conference on Insurance and Development is held on the National Day of Insurance in Iran on December 4th, 2018. Referring to this point, Head of IRC said: “This conference will be conducted by IRC, with the full support and sponsorship of Bimeh Markazi (Insurance Supervisory and Regulatory Authority), and other insurance companies and institutes. About 2600 employees of the insurance industry, academicians, and from other relevant institutes are invited to this one-day annual event.
“The papers sent to the conference secretary were all submitted anonymously to four referees and arbitrated in two intervals. Using numerical scoring technique, the papers were rated and chosen for the presentation. Out of 168 papers received, 12 papers have been taken for this year’s NICOID.” Safari added.
With reference to the major side events of the conference and the dedicated exhibition of insurance startups, he said: “This year, with a joint initiative of IRC and Bimeh Markazi, 600 written works across the insurance industry including books, journals, and dissertations contributed by the employees from the insurance companies, IRC, BIIF, and Iran Insurers Syndicate were collected and will be presented in an exhibition beside the conference.”
25th Conference of Insurance and Development (25th NICOID) with the major theme of exploring "Insurance Industry, Innovation, and Information Technology" is going to be held on December 4th, 2018 at Milad Tower, Tehran, Iran.