The insurance industry will unveil new innovative products and services in spheres related to information technology, healthcare and Islamic insurance.
Head of the Central Insurance company of Iran, Majid Behzadpour, said Sunday that the regulator has approved nearly 50 proposals to this effect proposed by insurance firms, Way2pay website reported.
"The insurance industry [so far] has been unable to offer robust innovative solutions. Focusing on improving services related to information technology can and should help boost the penetration rate of this sector," Behzadpour said.
CII efforts to promote innovation and tech-based services are aimed primarily at promoting insurance services as one the main types of financial services in the country, he added.
The regulator is planning to unveil Islamic insurance solutions, also known as Takaful, this year, he said, without providing details.
CII has long called for expanding innovation as a need to expand the penetration rate of insurers and enhance quality.
A recent study showed that as competition increases insurance firms are showing more interest in developing innovative services to attract customers.
Bemeh-Dari Novin Magazine, a journal specializing in the key sector, conducted research in the performance of insurers vis-à-vis innovation and found that innovative proposals approved by the CII reached 14 in the fiscal year to March 2019.
A review of CII approvals over 15 years shows that the average number of innovative insurance services offered barely exceeded five each year. The CII Okayed 15 innovative plans during the period.
Most of the new solutions were related to vehicle, medical, liability and car accident categories.
The study also showed that transforming the auto accident insurance segment was the main focus of insurance companies between 2007 and 2011.
It centered on vehicle insurance categories for two years. However, innovative solutions related to medical insurance outnumbered other segments after 2013.
Figures also indicate a growing tendency to innovate survives in life insurance. For the first time in the industry's history, three proposals related to this category got CII approval in the year to March 2019.
Iran Insurance Company (IIC), the sole government insurance company and the largest in the country, accounted for the highest number of innovations -- 21.15% -- during the 15 years. Sina Insurance and Mellat Insurance companies were next with 10% and 8% share, respectively.
Comprehensive insurance for drivers in Iraqi Kurdistan and rural residents and insurance for foreign tourists are among innovations developed by the IIC.
