categorytitle / Research Update .
  • time : 8:35:46
  • Date : Sun Aug 29, 2021
  • news code : 4903
Underwriting Risk Measuring System Launched by IRC
The first ever risk management software for the Iranian insurance companies have been designed by IRC. The report regarding the first phase of the software as part of a research project namely "Underwriting Risk Measuring System for Insurance Companies" was virtually presented.

The nature of insurance is pooling the losses and replacing certainty with the uncertainty. Thus, insurance as a method to face risk is considered as a response to an uncertain and perilous situation. With the view of this, it is necessary to properly apply the risk management theories in the insurance companies and their in-house trainings to be directed toward more nonconventional risk-oriented programs. This is expected to be possible by the use of the cutting-edge and localized risk models and software, according to Public Relations Office, IRC.

In view of that, by reviewing and examining various insurance companies in the world and the domestic banking industry and given the large gap in the insurance companies with regard to the use of risk management tools, Insurance Research Center (IRC) has launched a risk laboratory. The main purpose of this lab is to prepare and develop various risk management and strategic management tools and solutions. The Comprehensive Risk Management Software is the first solution targeted and developed by the lab.

Conducted by Dr. Maryam Esna-Ashari, Director of Property and Casualty Insurance Research Group, the research project, "Underwriting Risk Measuring System for Insurance Companies", formulates new indices that insurance company managers can use to make more accurate decisions.

The research project provides a comprehensive review of the insurance companies in relation to the insurers’ operational risks and the software developed to serve this end is the first in its kind in the country. The software is entirely developed by domestic experts and provides the latest risk management models used in the world by means of a novel geometric model localized for domestic use and its associated platforms, main and secondary sections are now being designed at IRC.

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