PIDM recently attended the inaugural First Insurance Forum Almaty organised by the Insurance Payments Guarantee Fund of Kazakhstan, in conjunction with its 20th
anniversary. The forum became a pivotal event for knowledge-sharing sessions, collaboration, and shaping a data-driven future for the insurance industry in Kazakhstan and beyond. Over two days in September 2023, the forum brought together industry experts, regulators, representatives from international Insurance Guarantee Schemes, and key ministries.
Lee Yee Ming, the Executive Vice President and Chief Transformation Officer of PIDM participated as a panelist and moderator for a few roundtable discussions, addressing key industry topics such as digital transformation, risk assessment & early interventions mandate, differential levy system, and the scope and limits of insurance guarantee systems.
An exclusive closed-door discussion was held on the first day, offering a unique opportunity for in-depth conversations and knowledge-sharing among industry experts. The forum welcomed a broader audience of 124 participants on its second day, including insurance companies from Kazakhstan, the Actuarial Society of Kazakhstan, and other industry representatives.
A central theme of the forum was the importance of data sharing and enhancing data analytics. The State Credit Bureau of Kazakhstan shared the progress of the Unified Insurance Database (UID) that consolidates data from various ministries and stakeholders to streamline online accident settlements, facilitate pension savings transfers to insurance companies, and data analytics.
Lee Yee Ming (sixth from right) with other delegates at the First Insurance Forum Almaty 2023 to discuss on ideas to transform and improve the insurance industry through data-driven insights and digitisation.
Other delegates in the picture include:
- Madina Abylkassymova – Vice-Minister, Ministry of National Economy of the Republic of Kazakhstan
- Bakyt Kogulov - Chairman of the Board, Insurance Payment Guarantee Fund of Kazakhstan
- Ganbaatar Jambal - Senior Financial Sector Specialist, World Bank Group, Europe and Central Asia Unit
- Vaghinak Yeghiazaryan – Head of Armenian Motor Insurers' Bureau, Armenia
- Paul Petrelli – President and Chief Executive Officer, Assuris, Canada
- Mart Jesse - Chief Executive Officer, Estonian Insurance Association, Estonia
- Raquel López López – Head of the Eastern Andalusia Regional Branch, Consorcio de Compensación de Seguros, Spain
- Michael Lin Ming-Kuan – Chairman, Taiwan Insurance Guaranty Fund
- Elena Bakhmutova – Chairperson, Association of Financiers of Kazakhstan
- Assel Amirbayeva - Director, Department of insurance market and actuarial calculations, The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market
- Yelena Filimonova - Deputy Director, Department of insurance market and actuarial calculations, The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market
- Yerlan Burabayev – Independent Director, Insurance Payment Guarantee Fund of Kazakhstan