On February 2, at the dialogue platform of the Digital Almaty 2023 forum, Freedom Insurance held a panel session on the topic: "Development of the insurance market through digital solutions."
The meeting was moderated by Yerlan Burabaev, Managing Director of the Association of Financiers of Kazakhstan.
The participants discussed such topics as: approaches to regulating insurance activities in the Republic of Kazakhstan, online settlement of road accidents using a new digital service - dtp.kz, ensuring the safety of personal data of consumers of insurance services and travel insurance.
“Today, the insurance industry is undergoing an active phase of transformation and digitalization. These trends are laid down in the strategic documents of the National Bank of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market: the Concept for the Development of Financial Technologies and Innovations until 2025 and the Concept for the Development of the Financial Market until 2030. These documents define three vectors, redteh, supteh, and insurteh. If we talk about the latter, then in this direction it is planned to completely transfer the work of insurers and insurance services online. This direction is now the most relevant, especially after the amendments to the law on insurance activities. Our first step was in 2019 - the emergence of electronic policies for compulsory auto insurance of the OPAG. The next stage is the emergence of online services, such as policy renewal. Now is the time for the insurance market to introduce online claim settlement. In this direction, at the legislative level, the regulator has enabled insurance organizations to deploy services on their digital platforms for making online payments in case of an insured event. And from January 1, 2024, a European protocol will be introduced - a simplified procedure for settling an insured event and receiving an online payment, ”said Asel Amirbayeva, Director of the Department of the Insurance Market and Actuarial Calculations of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
Continuing the topic of online settlement of an insured event, Advisor to the Chairman of the Board of Freedom Insurance Insurance Company Azamat Kerimbayev spoke about the possibilities of the first online payment service in Kazakhstan - dtp.kz.
“The standard payment process takes about 90 days on average. In November 2022, Freedom Insurance launched a new service for online payments in the shortest possible time. Now, Kazakhstani car owners who have been involved in an accident can receive compensation within a few days on a bank card without a long collection of documents and trips to the office of the insurer. You can independently go from an electronic application to receiving a payment on the website dtp.kz. On average, the entire online payment process in this case takes about 5 days. Compensation can be received on the card of Freedom Bank or on the card of any other bank,” Azamat Kerimbayev said.
In addition, Abay Egemberdiev, Chairman of the Board of JSC IC Jusan Garant, identified the main tasks to improve the security of personal data in the insurance industry:
“Insurance companies work with an extensive customer database. When concluding insurance contracts and purchasing policies, we are provided with IIN, phone numbers, personal information about property and health, and more. Our task is not only to obtain this data to work with policyholders, but also to ensure their safety and prevent information leakage. Unfortunately, such things happen. According to the American company Verisign, 82% of violations are related to the human factor, including social attacks, errors in the use of digital data, 13% is an increase in program leaks that ill-wishers can take advantage of. Therefore, in a period of active digitalization, it is strategically important for insurance companies to increase the protection of customers' personal data,” he stressed.
In addition, the panel session touched upon the issue of protecting the environment through insurance services:
“The main goal of an insurance company is to provide protection. This applies not only to property, life and health, but also to the environment. Everything is interconnected. Therefore, within the framework of our ecosystem products, we are actively working on the creation of special projects that, within the framework of digital insurance products, will be aimed at increasing the importance of environmental protection for the population,” said Kaisar Abdir, a representative of IC Halyk JSC.
The meeting was moderated by Yerlan Burabaev, Managing Director of the Association of Financiers of Kazakhstan.
The participants discussed such topics as: approaches to regulating insurance activities in the Republic of Kazakhstan, online settlement of road accidents using a new digital service - dtp.kz, ensuring the safety of personal data of consumers of insurance services and travel insurance.
“Today, the insurance industry is undergoing an active phase of transformation and digitalization. These trends are laid down in the strategic documents of the National Bank of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market: the Concept for the Development of Financial Technologies and Innovations until 2025 and the Concept for the Development of the Financial Market until 2030. These documents define three vectors, redteh, supteh, and insurteh. If we talk about the latter, then in this direction it is planned to completely transfer the work of insurers and insurance services online. This direction is now the most relevant, especially after the amendments to the law on insurance activities. Our first step was in 2019 - the emergence of electronic policies for compulsory auto insurance of the OPAG. The next stage is the emergence of online services, such as policy renewal. Now is the time for the insurance market to introduce online claim settlement. In this direction, at the legislative level, the regulator has enabled insurance organizations to deploy services on their digital platforms for making online payments in case of an insured event. And from January 1, 2024, a European protocol will be introduced - a simplified procedure for settling an insured event and receiving an online payment, ”said Asel Amirbayeva, Director of the Department of the Insurance Market and Actuarial Calculations of the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
Continuing the topic of online settlement of an insured event, Advisor to the Chairman of the Board of Freedom Insurance Insurance Company Azamat Kerimbayev spoke about the possibilities of the first online payment service in Kazakhstan - dtp.kz.
“The standard payment process takes about 90 days on average. In November 2022, Freedom Insurance launched a new service for online payments in the shortest possible time. Now, Kazakhstani car owners who have been involved in an accident can receive compensation within a few days on a bank card without a long collection of documents and trips to the office of the insurer. You can independently go from an electronic application to receiving a payment on the website dtp.kz. On average, the entire online payment process in this case takes about 5 days. Compensation can be received on the card of Freedom Bank or on the card of any other bank,” Azamat Kerimbayev said.
In addition, Abay Egemberdiev, Chairman of the Board of JSC IC Jusan Garant, identified the main tasks to improve the security of personal data in the insurance industry:
“Insurance companies work with an extensive customer database. When concluding insurance contracts and purchasing policies, we are provided with IIN, phone numbers, personal information about property and health, and more. Our task is not only to obtain this data to work with policyholders, but also to ensure their safety and prevent information leakage. Unfortunately, such things happen. According to the American company Verisign, 82% of violations are related to the human factor, including social attacks, errors in the use of digital data, 13% is an increase in program leaks that ill-wishers can take advantage of. Therefore, in a period of active digitalization, it is strategically important for insurance companies to increase the protection of customers' personal data,” he stressed.
In addition, the panel session touched upon the issue of protecting the environment through insurance services:
“The main goal of an insurance company is to provide protection. This applies not only to property, life and health, but also to the environment. Everything is interconnected. Therefore, within the framework of our ecosystem products, we are actively working on the creation of special projects that, within the framework of digital insurance products, will be aimed at increasing the importance of environmental protection for the population,” said Kaisar Abdir, a representative of IC Halyk JSC.
