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Insurtech is the next wave of technology innovation insurance and is pushing the entire industry to be more “customer-centric, data-driven and platform-based,” says Deloitte, in a report on the 2019 regulatory outlook issued Friday.
However, “Regulators may find it challenging to develop a comfort level with InsurTech innovations and their proposed uses,” says the report Leading in times of change, Insurance regulatory outlook 2019.
“Also, they may have trouble monitoring and assessing the effect of InsurTech use,” says the report, which was issued as part of the Deloitte Center for Regulatory Strategy, Americas.
The report says, “In the meantime, the best available option for insurers might be to inform and involve regulators early in the process of InsurTech adoption,” advises the report.
“InsurTech has the potential to transform the relationship between regulators and regulated by emphasizing the importance of working together from the beginning in order to get to ‘yes.’
“This could help relevant innovative products to renovate more quickly, which is something all stakeholders should fine appealing.”
Other topics discussed in the report include cybersecurity and data privacy. The outlook in this area “continues to indicate strong regulatory developments, with several countries either implementing or enhancing existing regulatory requirements,” says the report.
“Within the United States, organizations can also expect to see continued attempts toward simplification of regulatory compliance requirements… as well as continued efforts toward harmonization of data privacy and cybersecurity laws and regulations.”
The volume of insurtech deals increased during the second quarter compared with the first, but the overall level of funding was down, according to a report Thursday from Willis Towers Watson PLC.