According to PRIAO-IRC, the approved research project, ‘Developing Data Governance Framework and Requirements in the Insurance Industry’ will be conducted within a 12-month period using library research, case study, and benchmarking methodologies. As the first phase of the project, an initial study of the insurance industry’s present status with regard to data governance will be commenced soon. The primary conceptual model of the mature insurance industry (localized model) will be developed based on Iran insurance industry’s special considerations and the country’s particular limitations and circumstances. The results of the scheduled interviews with the scholars will shed light on the dimensions and indicators of the model. They will be supported using national policy statements and the strategic programs of the Central Insurance of I.R. Iran (CII).
After coding the results, using open, axial, and selective coding and categorization methods based on a semi-grounded theory, the components of the localized model will be identified. Finally, in order to categorically approve the localized model, it will be given in the form of a questionnaire to insurance scholars. After collecting questionnaire data, the mature assessment model will be finalized. It must be noted that the data privacy and security of the research project will strictly follow the relevant national and international regulations and standards.
On this meeting, it was decided that the 31st Nat’l and 12th Int’l Conference on Insurance and Development (ICID 2024) to address the use of technologies in the insurance and takaful industries. This aligns with the second challenge of the insurance sector addressed in the Transformation Document of the Democratic Government with the main focus on leveraging the modern technologies in order to maintain a sustainable insurance industry. The decision to choose ‘Opportunities and Challenges of Leveraging Modern Technologies in the Insurance and Takaful Industries’ as the main theme of the annual conference, came after a general consultation with the members of the Research Council, Risk Management Taskforce, Takaful Taskforce, and Research Departments of IRC.
The following subthemes were also approved by the members of the Research Council for ICID 2024:
Takaful
- Application of Modern Technologies in Takaful Operational Business Models
- Future Study Regarding the Developing Takaful Markets in Iran
- The Role of Takaful in Emerging Risk Management and Natural Catastrophes in Iran
- Shariah Standards and Takaful Accounting and How To Manage Shariah Risk
- Financial Risk Management and Capital Requirement Assessment Practices in Takaful Companies
Insurance
- The Opportunities and Threats of the FinTechs for the Insurance Industry Operations
- The Application of Modern Technologies in Claim Settlement, Reduction of the Underwriting and Loss Adjustment Costs in Various Insurance Business Lines
- The Strategies of Making the Insurance Industry Competitive and Foster Its Growth by Means of the Modern Technologies
- Insurance Solutions Addressing Climate Change and the Use of Modern Technologies
Insurance and Takaful
- The Requirements of Smart Supervision and Regulation in Insurance and Takaful Operations
- Developing and Pricing Takaful and Insurance Products Driven by Modern Technologies
In this meeting, the practical guideline of launching Risk Lab of IRC and the categorization of the research projects into small, medium, and large projects were also discussed with the members of the Research Council of IRC.