PRESS RELEASE
Quo Vadis 2021: Digitization will reduce costs in the insurance market.
Digital financial education is a priority
Bucharest, February 12, 2020 - Accelerating the digitization process is an absolute necessity for the insurance industry, especially in the new context generated by the COVID-19 pandemic. This was the central conclusion of the debates that took place during the conference "Quo Vadis!" - Insurance digitalization - ZERO priority, organized by the Institute of Financial Studies, together with the publishing company DC News.
The event was attended by representatives at the highest level from the Financial Supervisory Authority, the Ministry of Education, the Ministry of Finance, the Institute of Financial Studies, the Senate Communications and Information Technology Committee, the Chamber of Deputies Information and Communications Technology Committee, and professional organizations in the insurance market.
The President of the Financial Supervision Authority, Mr. Nicu Marcu, said at the opening of the conference that the need for digitalization and computerization, at the level of institutions and companies, is more acute than ever. "Only through intensive computerization will we be able to make decisions in a short time, in the interest of the consumer of non-bank financial services. We have important projects in terms of digitizing the activity and processes, which take place within the Authority ", said Mr. Nicu Marcu.
The President of the A.S.F. He also said that the insurance market has taken important steps from a digital perspective, especially in the context of the COVID-19 pandemic.
In turn, Mr. Valentin Ionescu, President of the Institute of Financial Studies, said that digitalization can contribute, from a consumer perspective, to reduce costs and increase transparency, while stating that a prudent implementation of new technologies is needed in terms of risks that may arise . "We must constantly act to identify solutions to prevent or mitigate them, in order to maintain consumer confidence at an appropriate level. From the perspective of the Financial Supervisory Authority, the use of technology becomes inevitable, as it can provide us with innovative and effective supervisory solutions, which will allow us to support a more efficient, flexible and responsive supervisory system. Therefore, in the next period we will pay more attention to the digitalization process and technological innovation in the field of financial services, especially in the situation of pandemic and the need for physical distance, they have proved how important they are for proper functioning and stability. of financial markets ", explained Mr. Valentin Ionescu.
Digital financial education
Another topic of major interest, which was discussed at the conference, was the digitization of the financial education process. In the conditions of imposing physical distance, the trainers had to adapt their strategy regarding the development of the courses and to use the online communication platforms. "One of the benefits of digitizing financial education is significantly greater access to courses for the population. On the other hand, digital financial education is equally important, which is a multidimensional concept that includes four main areas: knowledge of digital financial products and services; awareness of the risks associated with them; knowing the ways to protect against these risks, respectively the knowledge of consumers' rights and compensation procedures ", said the Executive Director of ISF, Mr. Marian Siminică.
In this context, it is vital to include different stakeholders, such as fintech companies, universities, NGOs and financial institutions in national financial education strategies and to identify innovative means of collaborating to provide digital financial education. "Online training (digitalization of financial education) by fintech companies may not be enough. Given that disadvantaged groups are usually people with a low level of education, it will be necessary the personal training implemented by NGOs and financial institutions in their neighborhood to increase the effectiveness of these programs, "concluded Mr. Marian Siminica.