The Closing Ceremony of the First Financial Technology Business Management Course (Fintech MBA) at Khatam University in 2022

The closing ceremony of the first financial technology business management course (Fintech MBA) was held at Khatam University.

Today, Thursday, 23 June 2022, the closing ceremony of the first Fintech MBA financial technology business management course was held in the presence of professors and participants of the course in Imam Reza Hall at Khatam University.

At this ceremony, Ms. Mozhgan Ghasemi, one of the participants of the course, delivered a speech on the startup, "Lemonade", in the field of insurance (Insurtech) and listed the reasons for the superiority of this startup. Ghasemi elaborated that: “this startup was formed based on behavioral economics and by using chat bots to check the claims of policyholders; it managed to stay ahead of its competitors by miles in terms of data acquisition”.

This speaker continued: “unlike traditional insurance companies that take 35% of the insurance sum as their cut, ‘Lemonade’ takes 25% from the customer and donates the remaining sum to the charity of the customer’s choice. This approach helps us build trust with community, while the public has been traditionally sceptic of insurance industry all over the world”.

The next speaker was Dr. Saeed Ahmadi Pooya, a business consultant of Fanap and one of the professors of this course on the topic of “Fundamentals of Insurance Technology” (Insuretech). Ahmadi Pooya said: The penetration rate of insurance in Iran is 2%, which shows that the insurance ecosystem in Iran is very limited and mostly exclusive to the field of sales”.

He further referred to the checklist necessary to become a unicorn in the insurance industry and said: “accurate business design, offering intriguing plans to the customers, creating distinction, accurate calculation of the product price based on the amount of value created for users, competitiveness, transparency of market behavior, choosing the right sales channels for the product, reliable financing, launching a crowdfunding campaign, scaling-up, being aware of Fintech technology, and being growth-oriented and disruptive are among its advantages”. Next, he mentioned ten unicorn startups in the US and listed the advantages of each.

The next speaker of this event was Ms. Bahar Sharifion, the CEO and founder of Bimeh.Com, who elaborated on the process of forming this startup. Sharifion said that: “in 2016, we studied the ideas, challenges and leading opportunities for several months”. She illustrated the challenges they faced at the beginning, which are still going on, and stated that: “In the world, insurance companies establish banks; but in Iran, it is the other way around, and our biggest challenge was the big insurance companies that were not willing to side with small companies”. She added: “as a result of numerous negotiations with these companies and them seeing their share in the market decrease due to the presence of Bimeh.Com, they were persuaded to cooperate with us”.

The CEO of Bimeh.Com pointed out the lack of necessary infrastructures such as registered data to advance the insurance industry in Iran. She also said that another challenge that Bimeh.Com is trying to deal with through culture-building is the lack of trust and belief in insurance in the country. In this regard, Sharifion said: “in the third-party insurance sector, which is mandatory for everyone, from among 27 to 28 million car license plates that are registered and active, only 22% of the owners have signed up for third-party insurance”. In the end, she mentioned the plans of this startup regarding the insurance of devices such as smartphones and laptops by negotiating with importers and cooperating with insurance companies.

At the end of this ceremony, Dr. Seyed Reza Jalalzadeh, faculty member and director of the Specialized Training and Skill Enhancement Center of Khatam University, elaborated on holding the first Fintech MBA course and said: “this course is 432 hours long and uses the most up-to-date syllabi of the prestigious universities of the world, and was designed and implemented in collaboration with Fanap”. This university faculty member added: “the objective of running this course is to develop an up-to-date and systematic educational syllabus of Fintech after several implementations, monitoring, and revision of the course in order to obtain an official license from the Ministry of Science, Research and Technology for this course”.

Finally, he stated that the planning for this course has led to the foundation of the Specialized Training and Skill Enhancement Center of Khatam University. The professors of the first Fintech course were Messrs. Jalalzadeh, Ahmadi Pooya, Javanmardi and Mss. Mirzaei and Afsari. The financial technology business management course was held for 432 hours and started in December 2020 through the efforts of Khatam University's Specialized Training and Skill Enhancement Center, which ended today, June 23.

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