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Sigorta Gündem - 19/03/2013

Sector Follows Technology Closely

Two separate committees comprising the managers and employees of the IT Departments of insurance companies were setup.

The 4th Information Technologies Management and Audit Conference was held at Milli Reasürans Conference Hall between 13-14 March 2013. At the conference which started with the opening speech by Insurance Information and Monitoring Center General Manager Aydın Satıcı, Mr. Satıcı stated that they setup two committees comprising the managers and employees’ of the IT Departments of Life and Non-Life Insurance Companies and that it is a novelty in the sector. Satıcı stated that they aimed to follow closely the developments in the IT technologies related to the insurance sector, to ensure data reconciliation, to transmit sector related statistics and information to the Insurance Information and Monitoring Center in a consistent manner and thus, to prevent insurance fraud.

On the other hand, Ziraat Hayat ve Emeklilik A.Ş. Internal Audit and Risk Management Director Dr. Neşe Varna Uğurkan who participated as a panelist in the session titled “Information Technologies Management And Audit in Insurance Companies” held during the conference that lasted the whole day, provided information on Solvency II, the new European Union Insurance regulation which aims to create a single insurance market and a single insurance regulation in the European Union and foresees profound changes both in capital adequacy calculations and in the corporate and risk management of insurance companies.

Data Quality is crucial for Solvency II
Uğurkan stated that the companies need to meet requirements regarding data quality, system, process and corporate risk and transparency in order to integrate Solvency II into their business models and that this situation takes a big deal of time, investment and resources. Uğurkan also stated that Solvency II and Information Technologies are handled in terms of Solvency II directives, IT functions required by Solvency II and general IT controls and that the General IT controls took the IT control targets valid for Covit 4.1 and Basel 2 as reference.

Uğurkan also emphasized that Solvency II is a part of the strategic compliance program of the Treasury Undersecretariat for the period 2009-2013.

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