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Insurance Association of Turkey and Justice Academy of Turkey sign cooperation
protocol

Insurance Association of Turkey and Justice Academy of Tur-
key have signed a protocol in order to increase the awareness
about insurance and pension markets as two of the major sec-
tors accounting for a significant part of Turkish finance mar-
ket, to help provide solutions for problems in accordance with
the relative legislation and other regulations, and to increase
cooperation between the two institutions. Signed on 25 Janu-
ary 2018, the protocol will pave the way for two institutions
to cooperate with the aim of conducting requirement analyses
about insurance and pension legislation, organizing sympo-
siums, workshops, national and international conferences to
make sure that amendments in the legislation are conveyed
to all members of the judicial system, judge candidates in dicial system was to establish justice, and it was important to
particular, and publishing magazines and books of scientific cooperate with sectors to improve professional know-how and
studies. competence in that regard; adding that the protocol would
serve that purpose. Can Akın Çağlar, President of the Asso-
The signing ceremony was attended by Yılmaz Akçil, Presi- ciation, said that insurance was a business that touches every
dent of the Justice Academy of Turkey; Mustafa Artuç, Vice aspect of our lives, and therefore was in close contact with
President of the Justice Academy of Turkey; Can Akın Çağlar, the judicial system. He added that the protocol aimed to help
President of the Insurance Association of Turkey; and M. Akif people understand and interpret the insurance sector better,
Eroğlu, Secretary General of the Insurance Association of as a sector requiring a serious amount of expertise.
Turkey. Yılmaz Akçil stated that the main purpose of the ju-

Spare part monitoring system is going live

The Spare Part Monitoring System Project, which was devel- factor determining their economic values and also safe driv-
oped and implemented by OSEM (Certification and Training ing. According to our regulations, buying traffic insurance for
Center) and SICPA Turkey with the aim of ensuring that the automobiles is compulsory; while motor own damage policies
spare parts used in auto-insurance are monitored, creating are issued optionally. Within the scope of these insurance pol-
a regulation for the insurance market, and instilling trust in icies, damages to vehicles are covered by insurance compa-
end-users about the spare parts used in their vehicles, was nies. For long years, insurance companies have been reporting
introduced to the public with a press conference. losses in auto-insurance line, especially in traffic insurance
branch. The analyses have revealed that spare parts used in
Ceyhan Hancıoğlu, Chairman of OSEM, gave a statement damage repairs account for a major part of their expenses.
about the ‘Spare Part Monitoring System’ project and said: Therefore, the market has decided to increase the safety and
“Strategic importance of the automotive industry in terms of quality standards offered in vehicle repairs by insurance com-
technological development and value-added products has long panies, control the costs more efficiently, and create a fair
been leading our national economy; and also brings highest competition environment. OSEM Spare Part Monitoring Sys-
amount of export income. Automobile is a personal need and tem was a result of the initiatives taken as a result of those
a tool for commercial activities with an economic life of years. decisions. We believe that we can prevent spare-part activities
In this context, automobiles are an investment tool and our that create unfair competition in the market and cause losses,
national assets. Quality of repairs conducted in case of unex- if insurance companies and vehicle owners act sensitively, too.
pected losses incurred within their lifecycles is a significant
An example for the world: Smart labelling period be-
gins for spare parts

In order to ensure that repairs conducted as a part of insur-
ance policies are done using parts with proper standards, we
have implemented a monitoring system which was developed
using latest technologies. Smart labels specially designed for
this system are produced uniquely with encrypted serial num-
bers, and are equipped with open and secret security features
against malevolent fraud and imitation attempts. The technol-
ogies used in the labels are also used in banknotes, passports
and identities; and therefore provide strong protection against
fraud.