On 24 October the IAIS, A2ii and Microinsurance Network in partnership with the Association of Insurance Supervisors of Latin America (ASSAL) and the Superintendencia de Seguros de la Nación (SSN) organised the Latin American Consultative Forum. Exciting discussions took place on the future of insurance given the rise of new digital technologies.
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Data innovation is challenging the traditional role of insurance regulators. Two major dilemmas emerge that insurance regulators and indeed all financial sector regulators face when confronted with how to regulate consumer data: 1. They must tread the balance to achieve positive consumer outcomes, by both enabling data-driven innovation but still protecting consumers from the risks that arise 2.
Digital technologies are rapidly changing the insurance landscape worldwide. In Africa currently, mobile insurance is prevalent, but other digital technologies are on the rise too, helping to provide a large number of households with coverage for the very first time.
What is the role of insurance regulators in dealing with consumer data protection risks arising from increased data availability and usage?
InsurTech developmental traits have been compared to those of a curious and imaginative toddler (!) who pushes the boundaries, a herald of the Fourth Industrial Rev
The 12th Consultative Forum (CF12) on the topic of InsurTech: rising to the regulatory challenge took place on 20 March in Colombo, Sri Lanka gathering high-ranking representatives from the regulatory and supervisory bodies (in Asia), industry, NGOs and other stakeholders. Continue reading to access all the relevant documents and presentations.
Here you will find the summary and presentations of the 23rd consultation call
On the topic: There has been a rapid growth in mobile insurance, especially over the past five years. Yet for a domain where so much is happening and where more players (e.g. mobile network operators, technical service providers) and regulators are getting involved, there is still little information about the potential risks and corresponding solutions. In particular, the topic of data protection – the regulatory measures taken to protect personal data – has not received much attention.
On the topic: mobile insurance has a huge potential in advancing inclusive insurance markets and has experienced rapid growth in recent years. However, it also brings with it new risks and challenges for insurance supervisors seeking to ensure policyholders are protected from abuse and fraud. Participants on the call will learn more about these risks and discuss potential supervisory responses. Additionally, different country examples will be shared with participants on the call.