The Turkish insurance industry is seeing the impact of digital transformation in almost every aspect of insurance functions, from customer relations to preventing insurance fraud, according to Mr Emine Feray Sezgin, vice president of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).
In his opening speech at the recent 4th International Insurance Summit organised by the Insurance Association of Turkiye (TSB), he evaluated the impact and opportunities of artificial intelligence, machine learning, and digital innovation, which are important components of digital transformation in the insurance and reinsurance sector, and the role of public authorities in the process, reported Anadolu Agency.
He highlighted that throughout the history of insurance, accurate pricing of risk has been a fundamental pillar of the industry, noting that today it is possible to achieve this pricing not only based on historical statistics but also with real-time data flow, artificial intelligence algorithms, and advanced analytical methods.
He emphasised the importance of the opportunities offered by AI, particularly in reinsurance pricing, saying, "AI brings both accuracy and speed to the sector. By analysing much larger data sets, algorithms minimise uncertainty and make reinsurers' capital use more efficient. This also leads to portfolio optimisation."
Mr Sezgin said that the SEDDK sees the sector's digital transformation not only as a technological advancement but also as a process that strengthens the rights of policyholders, ensures a more equitable distribution of risks, and increases resilience.