Turkey: Insurance regulatory chief looks to technology to transform supervisory functions
Source: Middle East Insurance Review | Dec 2018
The new chairman of the Insurance Supervisory Board at the Turkish Treasury, Mr Mete Guler, has named technological transformation of the regulator as a priority goal. The aim is to provide the Board with a more effective information-based structure.
To do this, he told Insurance Gazette that the regulator has started work on the Insurance Information and Surveillance Centre.
“We want to establish a more efficient system where reports are obtained from insurance companies automatically, with more simple data patterns,” said Mr Guler, who was appointed to his current post in May. The system would also be changed to make analysis easier.
Another plan of the Board is to eliminate the loss of time resulting from carrying out complex calculations. This is to be achieved by acquiring a reserve calculation software programme.
Mr Guler said that in future, the Board would like to carry out short-term inspections with the support provided by these IT changes. “As a matter of fact, if we provide this transformation in information, we hope that we will be able to carry out instant monitoring of the risks of companies and ensure the effectiveness of audits.” M