How Insurtechs can work with regulators to speed innovation - LeadCloud News
How Insurtechs can work with regulators to speed innovation
18 November 2020

How Insurtechs can work with regulators to speed innovation

By working with regulators to not only introduce new products or services, but also to gain timely approval when needed, technology providers can take proactive steps to help all within the market by engaging in key discussions early. This means that as new uses for the technology evolve, that innovation is continually communicated with regulators, building a platform to enable the market to expand and adopt new technology. The key goal should be to help close the loop between innovation and utility, which is sometimes overlooked in a time of rapid technology expansion. Ultimately, innovation must be measured by the ability to get into the market and provide utility for consumers and insurers.

The National Association of Insurance Commissioners describes their mission as: “Protect[ing] the interests of the policyholder and those who rely on the insurance coverage provided to the policyholder while also facilitating the financial stability and reliability of insurance institutions for an effective and efficient marketplace for insurance products.” In other words, they are the protectors of the consumer; they are focused on ensuring the process insurers take to develop new products and set rates is accurate, fair and technically sound.

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