Insurtech lobbying group launches
Reprints
A regulatory and public policy advocacy group for the burgeoning insurtech sector launched Monday.
The Washington-based American InsurTech Council, which is led by a group of former insurance regulators and government affairs executives, will seek members from technology companies and the insurance sector, said Scott Harrison, a former regulator in New York and Delaware and part of the leadership of the group.
The organization will promote the ethical advancement of the use of technology in the insurance sector, he said.
“For there to be good regulatory policy, good consumer protection and good public policy, a different approach is needed where you have one organization that brings together people from the insurance industry, people from the insurtech world and people from the technology side to work on policy and work with regulators,” Mr. Harrison said.
Issues to be addressed will include the modernization of insurance regulations to reflect technological advances, said J.P. Wieske, a former regulator in Wisconsin and part of the group’s leadership.
For example, states may require “wet signatures” for insurance policies. “How do you do that when you have pro-consumers policies, that allow hyperlinks and other interactions for consumers to better understand what their policy means?” he said. “I don’t think there are regulatory solutions that are consistent across the states.”
Other founders of the group include, Jack Friou, a former government relations executive at Aflac; Thomas Mays, a former government relations executive at Pacific Life, and Teri Hernandez, an insurance industry advisor and founder of HernandezHQ LLC.
