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Kazakhstani insurance market is in for digital transformation

Deputy Chairman of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM) Mariya Khadzhiyeva told the Kapital.kz Business Information Center about the changes in the work of insurance companies.
Kazakhstani insurance market is in for digital transformation

The approved Concept of Financial Technologies and Innovations Development by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market outlines the areas for insurance service digitalization.

The first area is Insurtech, digital technologies that facilitate effective interaction of insurance companies with their clients in the provision of insurance services.

The second area is RegTech. These technologies are designed to improve the efficiency of the insurance market participants, for example, creation of a complete database of insurance contracts that decreases the insurance companies’ load by reducing reporting. Integration of government databases will allow for a more complete and reliable assessment of risks for each client (underwriting). A complete database will create an opportunity for a comprehensive analysis of the entire market and establishment of insurance rates at an adequate level.

The third area is SupTech, automation of supervision of compliance with regulatory requirements by insurance companies; it enables the supervisory authority to respond quickly to negative factors in the insurers’ activities. Thanks to SupTech, the efficiency of the supervisory authority increases, which will ultimately ensure the consumer rights protection at a proper level.

“Digitalization will allow create electronic platforms, marketplaces offering a full range of insurance services that increase customer awareness about insurance products, and will allow insurance companies expand the range of insurance products that meet the clients’ individual interests in the process of competition,” stated Deputy Chairman of ARDFM Mariya Khadzhiyeva.

The sales potential of digital insurance is huge, and digitalization of the insurance business' operational processes is at full speed. The main contemporary global trends include the transition from the standardized insurance product development to creation of individual insurance programs using available information from social networks, medical organizations, etc.

Source: https://www.gov.kz/memleket/entities/ardfm/press/news/details/276280?lang=ru

Photos are from open sources.

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