Simplifying and Accelerating Data Pipelines in Digital Finance and Insurance Applications

Author(s): Dr. Elham Nobari

Coordinator: -

Daily activities in insurance and financial companies are traditionally carried out through complex processes such as risk calculation, debt, or credit assessment. Since these companies are predominantly data-driven and have relationships with customers offline and across all channels, the volume of data has grown significantly, and data analysis takes more time than what is permissible for a legitimate business. Generally, many organizations have various data resources, usually performing different operations with different natures to store their data, including both SQL and NoSQL databases. Such databases typically only retain recent data, for example, data from the past 12 months. On the other hand, these companies utilize more analytical databases, such as data warehouses, for tasks like analysis, reporting, and machine learning. Sometimes, they also use stream data technologies to process and continuously query streaming data. These analytical databases are designed to store a large volume of historical data, usually older than 12 months. Data pipelines combine current and past data, enriching and transforming the data simultaneously. LeanXcale is an SQL database that seamlessly integrates with all applications developed using relational databases, simplifying data usage. LeanXcale has unique features that optimize and accelerate data pipelines.

Keywords: digital finance, SQL database, LeanXcale, NoSQL database, risk calculation.

Study and Review Experiences about Cyber Risks and Cyber Insurance in Other Countries

Author(s): Dr. Somaeh Mireh, Mohammad Dibaei, Dr. Ruhallah Abujafari, Dr. Yaghub Mahmudian

Coordinator: Dr. Asma Hamzeh

Exploitation of digital technology is known as a pervasive phase all over the world that has faced various businesses with various challenges and fundamental opportunities. In this regard, information systems as a set of components for collecting, storing and processing data and providing information, knowledge and digital products have gained special importance. In order to reduce damages caused by cyber risks, insurance companies have provided a service called cyber insurance that protects organizations and businesses against damages caused by crimes such as information theft, ransomware, hacking, etc. This research project is the preliminary phase of a research program to propose a native cyber insurance product according to the requirements of the country, and its purpose is to provide an official definition for cyber risk, statistics of types of risks and their insurability, types of cyber insurance policies and the risks covered by them. This research is based on the experiences of the leading countries in this field and it uses the method of library study and document review.

Keywords: cyber risk, cyber insurance, ransomware, information theft.

Formulating Reporting and Disclosure of Information Requirements for Iran Insurance Industry Underscoring Bylaw 88

Author(s): Dr. Mona Parsaee

Coordinator: -

Abstract

The purpose of drafting regulations and disclosure requirements, both for supervisory authorities and the public, is to reduce information asymmetry, enhance transparency, and improve comparability to boost market efficiency and regulation. The insurance regulatory body in each country enacts laws and regulations regarding information disclosure to protect the rights of stakeholders. Given the necessity of determining the level of reporting and disclosure regulations for insurance companies, the present study aims to develop reporting and disclosure components in Iran. This research is an applied study, where in the first stage, the challenges of Bylaw No. 88, ratified by the High Council of Insurance, titled “Reporting and Disclosure of Information by Insurance Institutions” are identified through interviews and content analysis. Then, by reviewing reporting and disclosure regulations in Iran's insurance industry, international regulatory frameworks, the European Union, and selected countries, reporting and disclosure components are identified and extracted through document analysis and content analysis. Finally, by leveraging the opinions of subject matter experts, the proposed components for reporting and disclosure are identified through a questionnaire using the fuzzy Delphi method and reaching a consensus. Practical suggestions are also provided for revising Bylaw No. 88. The results of this study offer a description of the current state of reporting and disclosure regulations in the Iranian and global insurance industries and provide guidance for developing an optimal reporting and disclosure model tailored to the local level in Iran's insurance sector.

Keywords: reporting, information disclosure, information asymmetry, insurance industry, Fuzzy Delphi