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Sigorta Dünyası Magazine - 24/11/2015

Sigorta Dünyası Magazine News

The fourth round of the sectorial summits organized by Insurance Information and Monitoring Center (SBM) with the goal of diversifying products and services, supporting innovative products, and reviewing new approaches, was held at Marriott Hotel Asia on 18 November 2015. The panel titled "SBM-The Technological Powerhouse of the Insurance Industry Meets the Leaders of the Sector", brought together IT managers and assistant general managers from the insurance industry.

The panel commenced with the opening speeches delivered by Insurance Association of Turkey (TSB) Secretary General Mehmet Akif Eroğlu; SBM Chairman of the Executive Committee, TSB Vice Chairman of the Board, Ak Sigorta General Manager Uğur Gülen and SBM General Manager Aydın Satıcı.       

TSB Secretary General Eroğlu stated that even tough the Turkish Insurance Industry lags behind the world in terms of digital marketing, it utilizes technology successfully in its processes and that the e-commerce sales have 14% share in the world and that sales share of insurance in e-commerce is 5%. Eroglu said "the young population uses technology heavily and the share of this population group aged 15-24 in total population is 17% and added that internet usage ratio of young population of 13 million is 73%. This is a great opportunity to increase the penetration rate of this young population which is in love with technology, to expand product range in the sector and to offer innovative products".

"SBM is the most powerful player of information economy"

In his speech, Uğur Gülen stated that the insurance industry is in a vicious circle and that profitability in the sector has declined and that is the result of incorrect competitive strategies. Gülen drew attention to the importance of setting the right goals and indicated that this would ensure sustainable profitability and help create economic value. Gülen stated that Turkish insurance industry is ahead of Europe in terms of database management and said "The information which will help us differentiate ourselves is gathered at a single center which is SBM. SBM is the most powerful player of information economy."

Gülen stated that their goal is to create a self-sufficient SBM and said "Currently, SBM has a 30 million TL budget. And 12-13 million TL of this budget comes from our revenues. And our main source of revenue is the 5664 inquiry line. We diversified that area a lot. And we'll also have new projects in the coming term."

Databank of the Sector

In his speech, Aydın Satıcı talked about SBM's contribution to the insurance industry, projects commissioned in 2015 and the new projects and stated that SBM serves as the databank of the industry. Satıcı stated that the industry, which currently generates a premium of 30 billion TL, has the potential to increase that to 100 billion TL. Satıcı stated that they're seen as a regulatory organization and added that their goal is not to regulate the sector but to ensure growth and profitability in the sector, to help the industry gain new customers and retain existing ones,  to make SBM the data center for the sector, to establish a system to prevent fraud, and to increase public confidence in the sector.

At the first panel as part of the organization the sector's expectations from technology were discussed. Among the panelists of the session moderated by SBM General Manager Aydın Satıcı were Sompo Japan Sigorta Assistant General Manager Murat Dişçi, AvivaSA Assistant General Manager Berkant Dişçigil and Fiba Emeklilik Assistant General Manager Erol Öztürkoğlu.

Digitalization is both an opportunity and a threat

Erol Öztürkoğlu stated that digital environment would have both pros and cons for the insurance industry and said "Digital environment which offers the right products for the right customer without any time and space limitation, brings risk such as decreased customer loyalty and increased costs for companies that don't invest in this area".  Murat Dişçi who said "Any company that ignores the digital realm in any of its business models cant' survive in the market." stated that the insurance agents don't have any other option but to use technology effectively.

The second panel of the conference titled "How does insurance innovation come about with SBM?",  was moderated by Allianz Sigorta Assistant General Manager Kaan Günay. Among the speakers of the panel were Acıbadem Sigorta Assistant General Manager Emel Varol, Demir Hayat Sigorta Assistant General Manager Dr. Bülent Eren and Sombo Japan Sigorta Assistant General Manager Şenol Ortaç.

Kaan Günay stated that if SBM hadn't developed the Mobile Accident Report Application every company would have had to develop its own application separately and that innovative projects developed by SBM brings significant cost savings to insurance companies.

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