Many people consider regulation as a stifling force that prevents innovation and progress. Where, in reality, the job of the regulators is to protect the customer and promise a fair practice that will serve the population.
"The public wants two things from insurance regulators. They want solvent insurers who are financially able to make good on the promises they made and they want insurers to treat policyholders and claimants fairly." -- The National Association of Insurance Commissioners (NAIC)
Regulators make sure that the "players" in the insurance space are responsible. Every item that the regulators require that sounds like a burden is an opportunity. In his talk, Jay Cohen covers the latest hottest topics that the NAIC and the insurance commissioners are examining and the opportunities that they hold. The insurTech trend introduces many changes that affect many control points.
"Reach out to us early in the process. Educate us so we can educate you. We want to talk to you, early in the process" — Katharine Wade (CT insurance commissioner)
The regulators know that they are behind the industry so they take actions to catch up. First is the realization that we live in a world that technology is doing more and more of the work behind the scenes. How to you ramp up to be an active partner in the InsurTech world?
“Insurance regulation must keep pace with rapid developments in technology. History is littered with the remnants of companies and organizations failing to keep pace with change.” -- The Wisconsin Insurance Commissioner