NICOID Closing Ceremony: “Non-regulated InsurTechs Will Bring about Systemic and Catastrophic Devastations”
In the closing panel of 25th NICOID, Dr. Amir Safari, Secretary of Conference, stated that the entrance of InsurTechs to the insurance industry was not at the industry's will. He also explained that in the entire world, the power for entrance is maintained by the InsurTechs per se hence an active policy is required for a symbiotic synergy.
“If the InsurTechs’ activities are not regulated or managed appropriately, we must expect systemic and unprecedented catastrophic devastation to occur [in near future].” He added, according to PRIAO, IRC.
Recapping the conference major discussion points, he stated. “In this conference, various types of InsurTechs were examined and the applications of AI, IoT, telematics, wearables, gamification, peer-to-peer technology, drones, blockchain, and cyptocurrencies in the insurance industry were explored. The effect of InsurTechs on innovation in the insurance product development was investigated as well.”
“Since InsurTechs are not limited to the number of the above types, the IT industry is creating other kinds of InsurTechs and this number is being added up.” He added.
The Head of IRC also referred to the ‘SupTech’ and emphasized on its vast applicability in the insurance industry and called for further investigation into the matter.
Safari also explained that in the 25th NICOID, out of 14 present active InSurTechs in the insurance industry, six ones were selected for the inaugural launch by the First Vice-President and other officials.
“The emergence of InsurTechs is not of the industry’s choice. It is at the will of others. Impassiveness or delay in embracing InsurTechs will incur huge costs to the insurance industry. The significant issue is policymaking and regulating InsurTech activities in Iran’s insurance industry that is to be discussed in the upcoming meetings of a dedicated taskforce at IRC.” He ended his speech.
The annual 25th National Conference on Insurance and Development was ended on December 4, 2018.