In line with the directives of the respected Minister of Finance, Ms. Taif Sami Muhammad, on the necessity of digital transformation in institutional work in the work of the Bureau, which supervises insurance companies.

Ms. Israa Saleh Daoud, Acting Head of the Bureau, confirmed that digital transformation contributes to making the insurance market more innovative for insurance products while maximizing financial resources from collected premiums, which supports the growth of the Iraqi economy and enhances competition between insurance companies to go beyond local to global.

The application of digital technology techniques reduces waste of resources and achieves greater growth for insurance companies while improving and increasing efficiency and better assessment of underwriting and risks by providing correct databases that enable insurance companies to manage risks optimally and continuously.

Based on this, insurance companies are required to digitize data and services in a manner that suits the needs of their customers and the Iraqi market, in addition to using technology in electronic marketing operations for insurance services to customers by providing databases about customers that enable the company to know the desires and needs of the customer and communicate with him in a way that ensures providing insurance solutions that suit him.

The head of the Diwan explained that in order to simplify procedures with insurance companies and insurance brokerage companies in a way that enhances digital transformation, the Diwan has issued controls that regulate the process of electronic marketing of documents. It also obligated insurance companies to collect electronic (POS) insurance premiums, which the Diwan considered a condition for renewing the company’s license. The Diwan also launched electronic inquiries about the services of the Diwan of Insurance through the Ur portal and the use of the electronic health system (barcode).

The head of the Diwan of Insurance also explained that the Diwan had previously prepared, through its own efforts, an electronic system for automating the work of the financial department in coordination with the Financial Supervision Authority working in the Diwan, and the system was started to be used under trial for the purpose of switching from paper use to electronic use.

The head of the Diwan also noted that as a result of the self-efforts of the Diwan’s employees, the Diwan of Insurance’s electronic platform for the purposes of monitoring some electronic work has been completed in the first phase, which is expected to be operational early next month.

It is worth noting that the mechanism for monitoring health insurance documents for visitors, expatriates and residents issued through the National Health Insurance Platform based on Health Insurance Law No. 22 of 2020 is carried out electronically in coordination between the Bureau and the Health Insurance Authority at the Ministry of Health.

The President of the Bureau also indicated that a number of electronic platforms for insurance companies and brokerage companies have been approved, which will facilitate the Bureau’s monitoring of insurance operations.

Finally, the Insurance Bureau is responsible for preparing and reviewing internal electronic systems on an ongoing basis in order to update them periodically for the purpose of fully automating the Bureau’s work in the future.