H.E. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Insurance Authority, launched the first digital supervisory platform for the insurance sector in the UAE
" The main objectives of the development of the digital platform is to develop and enhance the control and supervision system of the insurance sector in the UAE, as well as, heading to the digital transformation in accordance with international best practices. This will be achieved through the development of a digital supervisory platform that includes (integrated database of insurance operations, financial statements and information management system) ,using the latest technologies of AI applications ,machine-learning and intelligent systems in business, to streamline the process of financial and non-financial reporting for all insurance companies and insurance related professions, including brokerage companies health insurance TPA companies, insurance consultants, Loss and damage adjusters and actuaries licensed to operate in United Arab Emirates.", Said Al Mansoori .
H.E. Ebrahim Obaid Al Zaabi, Director General of the Insurance Authority, pointed out that the digital supervisory platform of the Insurance Authority is the first in the insurance markets at the Arab countries level. It aims to support the control and supervision of the insurance sector in the UAE by providing the adequate data to decision makers, including KPIs and vital assessments of all the underlying risks in the activities of insurance companies. This would ensure the continuity of business in a safe and sound way and allow the timely and effective intervention in issues related to the financial status of the sector, which eventually will help supporting decision-making.
"The Insurance Authority is looking forward to the transition of the digital supervisory platform to the new era and the next generation of supervision and control by the application and optimization of modern technologies and innovation in the services of the Authority and the insurance sector.", added Al Zaabi
The Director General of the Insurance Authority highlighted that the project will enable the Authority to achieve its objectives and strategic vision and will allow a swift move to the digital era and leadership in the application of international best practices in insurance supervision in order to develop and enhance its competitiveness and contribution to the UAE's national economy.