Challenges of traditional supervision and the need for supervision transformation to protect policyholders rights and strengthen public trust

Iman Azizi¹ Mahsa Moradi Kharaji²

1) PhD in Business Administration, Marketing Management specialization, Payame Noor University, Graduate Studies Center, Tehran, Iran.
2) Undergraduate Student of Psychology

IOI Code : AAHA-ABBADH
Publication : 5th.International Congress on Management, Economy, Humanities, Education and Business Development(5icmba.ir)
Abstract :
    The insurance industry, as one of the vital pillars of the modern economy and the backbone of individual and corporate financial support, requires strong and dynamic regulatory frameworks. Traditional regulation is ineffective in the face of new market complexities, advanced technologies, and emerging risks. Therefore, this study aims to explain the dimensions of modern regulation and provide practical solutions to improve the efficiency and effectiveness of regulation, and conducts a deep and comprehensive examination of the unique role of modern regulation in protecting the rights of policyholders and enhancing public trust in this insurance industry. The research method is qualitative and descriptive-analytical, and the data were collected through a review of documents, reports, and international comparative studies, and were classified and evaluated through qualitative content analysis. The findings show that modern supervision, relying on risk-based and data-driven approaches, utilizing soft-tech technologies, information transparency, active prevention of violations, accelerating dispute resolution, and improving claim payment processes, can significantly increase the efficiency of the supervisory system. This approach also contributes to the financial stability and sustainability of the insurance industry by promoting healthy competition, innovation, attracting investment, and strengthening the insurance culture.

Keywords : modern supervision challenges of traditional supervision protecting the rights of policyholders strengthening public trust