Insurance Regulator Prefers Digital Firms

EghtesadOnline: The Central Insurance company of Iran, the industry’s regulator, says it has prioritized licensing to fully digital insurance companies.

News ID: ۷۵۲۲۱۶

31 January 2023

The Central Insurance company of Iran, the industry’s regulator, says it has prioritized licensing to fully digital insurance companies.

“There is some disagreement between experts and policymakers over increasing the number of insurance companies…Our policy is to focus on specialized insurers, such as life insurance, reinsurance and companies that are fully digital,” Majid Mashalchi, the CII vice-president was quoted as saying by Shada.ir.

“As the regulator of the insurance sector we are concentrating on easing access to services, policyholders’ satisfaction, tech-based firms and meaningful interaction between insurers and policyholders,” Mashalchi said.

The regulator granted an operating license to one more general insurance company, Farda Smart Insurance Company, to offer digital service.

In a note seen on Risknews website, the CII said that it expects Farda to focus on developing smart products with the use advanced technology such as artificial intelligence, and offer innovative solutions.