Page 13 - TurkInsurance Digital Magazine

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SBM stores all the data in global

standards and attaches great

importance to data security

Murat Hakseven, CEO of Insurance Information and Monitoring Center (SBM): “Our
main mission as the Insurance Information and Monitoring Center is to collect the data
of Turkish Insurance Sector within the preset standards, store that data safely, and

provide reliable and meaningful information and statistics for the market in order to
determine the prices in a healthy way..”

What contributions does Insurance Information and Moni- As far as we know, there are no similar institutions like SBM
toring Center make to the insurance market and companies in the world. Authorities from many other countries such as;
operating within? Azerbaijan, Russia, Belarus, and Balkan countries in Europe,
are coming to visit our institution to information about us. We
SBM provides services in many areas for the insurance compa- are informing them about SBM as much we can. Russian Insur-
nies, the consumers, the insurance intermediaries and the public ance Association invited us to visit and to inform them about the
institutions. Especially in traffic (Motor) insurance, many tech- structure of SBM in June. Furthermore, we also get invitations
nical problems are eradicated such as fake policies, and the rate from the countries such as; Belarus and Albania. SBM is an ac-
of insurance is also increasing considerably. SBM is the only curate type of structure that collects the data in a single center.
center where the sector data are collected in order to collect the The fact that Turkey foresaw this in the beginning of 2000’s and
data from the relevant insurance branches in one center, provid- the results we have collected so far are really pleasing.
ing unity of practices across the sector and to establish reliable
statistics. It is a highly significant institution due to the informa-
tion it holds and the data it accommodates. We process the data
we obtain from the sector and transform it into the meaningful
data, ie, information.. This information enables the market to
make healthy pricing decisions. At this point, our main mission
as the Insurance Information and Monitoring Center is to collect
the data of Turkish Insurance Sector within the preset standards,
store that data safely as its depository, and provide reliable and
meaningful information and statistics for the market in order
to determine the prices in a healthy way. And our vision is to
process and transform this data into information, as well as sup-
porting and developing any kind of technology that is related to
the protection of that information.

Data is valuable on its own; but unless you process it, it cannot
exceed that value. I believe it resembles crude oil; it is valuable,
but it becomes more valuable once it is processed. Within this
framework; we continue our activities with each passing day in
the search for how we can produce meaningful and reliable in-
for¬mation out of the insurance data we keep, and how we can
add more value to the insurance world to which we serving.
Are there institutions in other countries that function like
SBM? If yes, are you exchanging information with those
institutions? Can you inform us about the similar practices
around the world?