250 delegates from over 60 countries to attend
9th World Consumer Credit Reporting Conference, Dubai
Dubai, UAE, 12 October 2014: Consumer credit scores and trace creditworthiness are vital for projecting the probability of an insurance claim in the future, according to the CEO of the Saudi Credit Bureau (SIMAH).
Following the introduction of a new analytical product for the insurance sector called Taa’mini, which means ‘my insurance’, SIMAH revealed that 35 companies operating in the Saudi insurance market have joined forces with the bureau to help achieve their strategic goals across all sectors, further highlighting the growing importance of insurance within the industry.
SIMAH has highlighted its new Taa’mini product ahead of its preparation in hosting the 9th World Consumer Credit Reporting Conference (WCCRC) taking place from 20-21 October in Dubai, and states that the new tool will enable insurance companies to analyze the financial solvency of their clients.
Nabil Al-Mubarak, CEO of SIMAH said: “It is acknowledged internationally that a matured and developed financial sector must have effective and efficient systems to manage credit risks in order to sustain the financial needs of the government, industry and consumers.
“There is a direct correlation between a consumer’s financial stability and the risk of filing an insurance claim. Insurers may use a consumer’s credit score as an essential factor in assigning premiums, deciding whether to accept or decline coverage, or in the decision to place a consumer with a nonstandard (generally higher priced) insurer.”
While SIMAH is not involved in the final approval or rejection decision making process, Taa’mini has been launched to manage the risks beforehand and develop efficient strategies to face them, help the insurance companies to be aware of their causes, mitigate their effects and ultimately make the right decisions.
“There is a growing need to check the financial solvency of insurance clients to enable insurance decision-makers to take sound and logical decisions based on clear and precise criteria,” added Al-Mubarak. “The insurance sector has adopted various methodologies to do this individually; however, SIMAH has created Taa’mini to provide a unified mechanism for the whole sector.”
Al-Mubarak’s comments come as more than 250 executive delegates from more than 60 countries are expected to attend the 9th WCCRC, hosted for the first time in the MENA region and in the GCC in particular.
SIMAH, along with the Association of Consumer Credit Information Suppliers (ACCIS) and the Consumer Data Industry Association (CDIA) will host the event at the Dubai Grand Hyatt Hotel, as the Emirate looks to become one of the world’s pioneering business hubs.
With 23 professionals offering their expert advice over the two-day conference, delegates will be provided with a detailed insight into state of the art credit reporting systems and exclusive knowledge about the information exchange issues around the world.
Neil Munroe, President of ACCIS, will be updating delegates on how the USA and EU are facing many challenges in privacy, data use, and other areas that are critical to credit bureaus and the ability to manage data effectively.
“We are extremely grateful to SIMAH for offering to be the local hosting partner and we are confident with their support that this year’s conference will be an extremely successful event, bringing experts in credit reporting to Dubai from all regions of the globe,” Munroe said
“As one of the organising partners of the WCCRC, our association has always been keen for the event to be held in a region where it can help both promote and add further support to the development of credit reporting. The tremendous work being undertaken across the Gulf countries on credit reporting made the region and ideal choice for the 2014 Conference.”
Other topics of interest regarding the activity of global credit reporting include SMEs, Fraud and ID Theft, Basel II and III Capital Requirements, along with NDPP and Credit Reporting Growth in the GCC region.
Elected by CDIA and ACCIS to host the 9th WCCRC, SIMAH is the pioneer credit bureau which has full-industry uploads from all banks operating in the Saudi market, government firms, all insurance entities, major financial institutions and other related sectors.
The conference is supported by Al–Etihad Credit Bureau, Qatar Credit Bureau, Benefit Company and sponsored by Qarar, Veda@SIMAH, CRIF, MicroBilt Corporation, AJIL Financial Services Company, MasterCard, CallCredit, FICO, the Joint Credit Information Centre, TransUnion and official airline Emirates Airways.
The 8th edition in 2012 was held in Taipei, Taiwan, while the venue for the 2016 conference will be revealed on the final day in Dubai. Registration for delegates opens on Sunday 19 October, followed by a private VIP gala dinner for participants at the Armani Hotel. More information on the conference can be found at www.wccrc2014.com