2019

Digital Insurance Supervisory Platform - UAE

Source in Arabic: ESCWA-OECD Case Study - UAE Digital Insurance Supervisory Platform (Ar)

The digital supervisory platform was established with the aim of supporting the activity of the Insurance Authority in efficiently and effectively monitoring the work of the insurance sector. Through this platform, the Authority aspired to enter a new era for foreseeing the future in the field of insurance through the appropriate use of modern technologies in accordance with international best practices. Establishing this platform is one of the most important projects in insurance supervision in the world, and the platform is considered a roadmap for digitalizing the insurance sector in the United Arab Emirates.

Implementation: 2019

Contributor(s)

The Insurance Authority launched the digital supervisory platform in cooperation with Microsoft.

Purpose

This project aims to continuously develop the supervision and control system in all entities operating in the insurance sector, maintain financial stability and serve the national economy by harnessing modern technology for improving the sector and supporting its transformation into a digital smart sector.

Functions

This project is based on the inter-connectedness between relevant stakeholders and integration with the internal regulations, and uses artificial intelligence technology to provide high quality services.  The platform relies on four main elements: legislations issued to monitor companies and professions, necessary financial reports, combating financial crimes and money laundering, and governance. The platform also allows secure and confidential data exchange, and ensures follow-up on work progress and coordination of communications between the Authority and insurance companies.

Clients

  • Employees of the Insurance Authority and insurance companies.
  • Auditors and insurance mathematics experts.
  • The Ministry of Health and health authorities.
  • The Ministry of Interior Affairs.
  • The Emirati police forces.

Outcome

  • Contributing to the digital transformation of the insurance sector.
  • Providing services in accordance with the best quality standards.
  • Using business intelligence in decision-making.
  • Providing dashboards for detailed analytical data, indicators and specialized clarifications.
  • Ensuring integrated supervision of all categories and aspects of the insurance sector, combating money laundering, achieving compliance and managing risks.
  • Achieving efficiency in preparing reports on the insurance sector through coordination with the regulatory authorities that supervise the financial sector.

Challenges

  • The length of time required to implement the project due to the situation faced by the insurance sector.
  • The unpreparedness of some insurance companies in terms of electronic and physical infrastructures, which hinders them from connecting to the platform.
  • The complexities of financial models and solvency of insurance companies.

Useful links

Insurance Authority Smart Services - UAE

 

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