Valentin Ionescu (ASF): There has been progress in terms of digitalization for the Romanian insurance market

In the context of the annual UNSICAR (The National Union of Insurance Brokerage and Consultancy Societies from Romania) conference, Valentin Ionescu, Director of Strategy and Financial Stability Directorate at FSA (Financial Supervisory Authority), talked to BR about the digitalization drive of the Romanian insurance market, cyber insurance, and other innovative technological solutions, implemented by insurance companies in Romania.

“In recent months, there has been progress in terms of digitalization for the Romanian insurance market as we would normally have seen in some years.” Says Valentin Ionescu.

According to specialists, the advantages of digitalization are: time reduction, transparency of processes, safety, improving the user experience, cost reduction and others.

“Cyber insurance adds value, increases resilience, decreases financial impact. Companies need to be stimulated to assess their cyber risks, but also to continuously monitor the maintenance of measures against these risks. Insurers and intermediaries should provide advice, including legal advice, on this matter.” Adds Ionescu.

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What is the Financial Supervisory Authority doing in this context?

“FSA ensures the monitoring of the insurance market to identify innovative technological solutions, implemented by insurance companies, to respond to the current context, characterized by the crisis generated by COVID-19, and to respect the rights of consumers of insurance products.

The website of the InsurTech HUB group has been constantly updated and a close link has been maintained between the members of InsurTech HUB and ASF. The Fintech Hub on FSA website was implemented for the innovations initiative.” Concluded the FSA Director of Strategy and Financial Stability Directorate.