Smart Insurance and the Missing Contribution to Sustainable Development in Iraq

Abstract

The insurance sector in Iraq needs a real revolution with procedures and work mechanisms, especially since this sector has made an effective contribution to increasing revenues and has become one of the sources of national income diversification in many countries with the tremendous development in the use of modern means and technologies in smart insurance. On the other hand, the insurance sector in Iraq still has a weak role and its contribution to the GDP does not exceed 0.05%, and there is no real contribution to sustainable development in Iraq. This is due to many reasons, including insurance in Iraq. It has been practiced according to the traditional method despite the issuance of the Electronic Signature and Electronic Transactions Law No. 78 of 2012, and to achieve development in the insurance sector to achieve a higher contribution to sustainable development, it is necessary to benefit from experiences that preceded the Iraqi experience in the smart insurance sector, which passes through the digitization portal and includes the four areas (technology, improving customer experience, offering customized products in the field of insurance, and expanding distribution channels), through digitization, modern technology, and enabling smart insurance, it is possible to read the market, analyze customer behavior, reach them, and design products that suit them.