Regulating InsurTech: Role of the regulator in managing data risks and protecting consumers – A2ii-IAIS Consultation Call, January 2019

Emerging technological innovations, the use of big data and AI hold great potential to reach out to new customers, offers consumers greater value products and enhance operating effeciency. Digital technologies are transforming the insurance industry rapidly, generating new questions and regulaory challenges for insurance supervisors. Globally, the use of consumer data is the area of most rapid innovation and change in the insurance sector. It holds specific risks for consumers, in particular that of financial exclusion.  In 2018 the A2ii focused on the theme of InsurTech, its status and regulatory challenges and recently published a thematic report on Regulating for responsible innovation. This call took place on Thursday, 24 January 2019 and explored the risks and potential of the use of new data. Experts gave an overview of how to regulate for responsible data innovation and the role that insurance regulators play in dealing with consumer data protection and risks.