The need to develop new tools in the insurance industry to synchronize with the financial markets

According to Mehr correspondent, on the second day of the event FinshortekBank and Insurance Joint Event, Hamid Yari, Deputy Director of Stock Exchange Supervision, referring to his experiences in the field of insurance and financial markets, said: “I thank the Great God for the opportunity to give a speech among the friends of Nowruz Bank. Let me say. I remember that in year 3, in an interview with Dr. Mohammadi, who was passing my doctorate in financial financial, we discussed the selection of the right financial market in the country. One of the important points mentioned in the conversation was the issue of insurance.

Yari continued: Dr. Mohammadi pointed out that our financial markets, especially the stock market and the bank market, have reached a degree of maturity, but there is no such thing in the insurance market. In the insurance market, there are no specific securities and tools that can pave the way for this industry. This has led me to enter into insurance as a researcher in the field of insurance and examine the general tools and conditions.

He added: “In my studies, I identified a few important points that have existed since then and have become motivated in this process.” One of the main points was life insurance in the country. At that time, we had a low penetration rate in the field of life insurance, and this needed to examine the existing conditions and processes. One of the major problems I had in my studies was that we wanted to convince people to make money in a country with high inflation, which has been facing this situation for many years. However, when promises are made to be paid for, for example, after 5 years, this figure is not understandable to many of them.

“This was meant to take a look at the global experiences and the processes and tools that exist in other countries,” said the deputy director of monitoring the stock exchange. I remember that at that time, I examined certain tools in the field of insurance and found that insurance alone, based on its abilities, may not have the growth process that is expected. Therefore, it needs to be connected to other markets, including the bank and the stock market.

Yari further pointed to the experience of banking and insurance cooperation and said: “At that time, private banks had created a space that could exploit more branches.” When we came to the bank, we clearly saw that some people were selling insurance there. But in the following, this led to certain troubles; Because these people must also be employees of an insurance company. The result of this situation was the dissatisfaction of many bank managers and the difficulty of managerial space; So that the most creativity they had was put in place was to put a chair for selling insurance in the branches.

Referring to the tool he chose as his research thesis, he said: “The tool I chose as a research thesis, the subject Ecuaiti Link Life Inssemble It was. This method is somehow connected to life insurance and is designed to be related to a global index rather than dependent on the country's rial and inflationary rate conditions. As such, life insurances can be priced based on these indicators. I thank God that after defending this thesis in year 2, several insurance companies have joined the model and have begun to implement it, which is a boast.

Yari, referring to recent positive developments, added: “During this time, positive developments have taken place, however most Fintics are still focused on the payment sector, and we must strive to expand this development space and expand the insurance market. Give it. Given the existing capacities, we need to be able to introduce new tools to the insurance market and create synergy between financial markets; So that insurance companies can help develop the insurance industry.

“There are many attractive tools in the stock market at the moment, but these tools are often specific to the stock market,” he said. We need to introduce new innovations and tools into the insurance world and generalize to financial markets. This will be especially applied in stock and banking. Currently, there are document -based designs that can lead to the introduction of new tools. Fortunately, central insurance has also provided the opportunity to design new insurance and provide designers exclusively for several years to support it.

Yari warned: If insurance companies want to gain a share in this market that has a lot of potential, they cannot only at the rate Bracking To achieve this. What they need to do is introduce new tools and enter new markets so that they can develop the process of development and innovation. Otherwise, if they only want to seek to compete with each other and get customers from each other, they will eventually lose. Because insurance rates based on the calculative equations Actor Calculated, depending on the economic conditions, they will always have a high damage factor.

“As a member of the board of directors, I promise friends to support any tool that can be effective in this process,” he said. We will also strive to provide a positive environment for financial activities and promotion of the insurance industry. Hopefully, by creating synergy between stock exchange, insurance and the bank, we can provide tools that are attractive to people. Especially since people are far more aware of the current situation and know that they have to pay attention to their income and wealth, because otherwise they may lose their wealth.

At the end, Yari emphasized: It is necessary to pay more attention to new apps and technologies and not just to traditional tools. Hopefully, by adopting new approaches and new tools, better conditions will be provided for participants of different markets, especially financial markets.