It's extremely important to be insured to minimize cyber risks

 
 

The Insurance Association of Turkey (TSB), which continues its work with 64 member companies and subsidiaries to develop the insurance sector and increase the added value to the Turkish economy, is leading the digital transformation of the sector. Among the works carried out by TSB, digitization and data analytics topics have a priority. Özgür Obalı General Secretary of TSB stressed that thanks to the performance of insurance in terms of digitalization, it also continues its services without interruption in the pandemic process.  


Özgür Obalı General Secretary of TSB made assessments on the journey of digitalization of the insurance sector and what remote work that came into our lives along with the pandemic brought to insurance. Pointing out that 2020 was a difficult year for insurance companies, Obalı said that despite this negative situation, there were no problems in the claims processes, that they undertook 44 billion TL compensation, that there was a 19% premium increase on the production side and that this growth trend continued in 2021 thanks to applications that come with digitalization, such as setting up a remote working infrastructure, installing systems that can provide remote service to customers, including call centers. 


Obalı underlined that business processes have accelerated thanks to digitalization and said: “For example, with the feature of image recognition, important facilities were provided in damage detection processes. Possible damages of the insured were relieved without the need for physical determination. As a result of these positive developments, it is planned to increase digitalization in insurance, and in this way, the standards of service quality will also increase.” 


Close cooperation with SEDDK to transition to a paper-free period in insurance


Obali pointed out that the insurance sector is the most important player in the financial markets after banking, and said that this requires legal regulations in all steps to be taken from the point of view of the sector. Obalı stated that the close cooperation of the Insurance Association of Turkey (TSB) and the Insurance and Private Pension Regulation and Supervision Agency (SEDDK) allowed the sector to grow healthy both in quantity and quality and said: As for the progress of the sector, eliminating document printing and ensuring that documents can be fully served in digital media, enabling the compulsory notifications of companies to be made digitally, digitalizing policy processes, transferring expertise reports and invoicing transactions to digital completely, involving the insurance sector in the e-government application and ensuring that all transactions to be made on this platform are valid are among the issues that are expected to experience solid developments during the year.”


E-government integration and E-policy project from TSB and SBM


As insurance is a sector that processes a significant amount of data, TSB emphasizes the importance of evaluating these data for the benefit of the public. Obalı stated that under the leadership of TSB, projects were designed to establish central structures within the Insurance Information and Monitoring Center (SBM) to better analyze the data and to offer safer services to the insured and said: “Thanks to data analytics, it is aimed to develop products that will be needed by the policyholders by conducting trend analyzes.”   
In 2020, TSB developed two important digitalization projects with SBM, one of its affiliates: E-government integration and E-policy project. Thanks to e-government integrations, all insureds can view their policies in detail. In this context, it is ensured that TCIP policies against earthquake disasters can be arranged through the e-government portal, while at the same time, it is planned to expand the services offered through e-government with different insurance products. 
With the e-policy, another important project, it is planned to develop a more environmentally friendly approach by reducing printing and shipping costs. With the e-policy implementation in the insurance sector, cutting down 21 thousand trees will be prevented and value-added work will be put forward in terms of environmental awareness.


The way to protect against cyber risk is insurance 


Mentioning the benefits of digitalization to the insurance sector and its importance for the sector, Obalı said: “We have many more projects we plan to realize in terms of digitalization.” and stated that The number of policies produced in digital, which is at the level of 11% in Europe, is around 3% in our country. Stating that the demand of the insured is in the direction of the digitalization of the processes, Obalı noted that the digitalization of agencies and the diversification of distribution channels have accelerated as the sector pays attention to this voice. Obalı added that: “As digitalization increases, it is necessary to be aware of the increasing cyber risks. It is extremely important to be insured to minimize cyber risks in the face of new situations brought by digitalization. The way to protect against risk is insurance”.

 
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