TURK Re bets on technology and its own teams of talents to fulfill its development strategy

8 October 2020 — Daniela GHETU
For TURK Re, a newly created company, the main challenge was to put together a great and experienced team; we managed to develop our core reinsurance application in house instead of just buying a ready-made solution, commented today Selva EREN, CEO, Turk Re on the occasion of the International Istanbul Insurance Conference.

Supported by the Insurance Practitioners Association of Turkey and organized by IUC - Istanbul Underwriting Center, the International Istanbul Insurance Conference, at its XIIth edition, took for the first time the form of a webinar focusing on the topic "Growth Opportunities in the Insurance Sector and Future of Work".

Selva EREN has shared with the conference participants a few of TURK Re's achievements so far, as well as future plans. As TURK Re has among its task the management of the earthquake insurance pool TCIP, one of the first steps was that of developing with its own team a modelling platform for the Turkish earthquake, aiming to capture the very specific features of the Turkish earthquakes. Also, a thorough analysis of the TCIP's reinsurance protection was performed, followed by undertaken measures to optimize it.

There are also ongoing, very ambitious plans for TARSIM, the agricultural insurance pool in whose management TURK Re is also involved, backed by a very strong governmental support and high-tech resources. The target of these plans is to make TARSIM not only bigger, but also increasing its capabilities of offering products and services of higher complexity.

As digitalization made one of main topics of the conference, Ms. EREN stressed out that the entire Turkish re/insurance industry has proved this year its capacity to evolve rapidly and adopt and implement in a very short time modern, digital tools. TURK Re pays a special attention to the digitalization process. Technologies as machine learning, blockchain etc. are among the ones with a high potential for helping the company to reach its goals.

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