NAIC CEO Mike Consedine, who moderated the panel, answered the question with this response, "Regulators must keep pace with their marketplace; their duty to protect consumers and provide stable, competitive markets demands it." Consedine added "Our State Ahead strategic initiative is our plan to transform the NAIC so that it can provide state insurance regulators with the new tools, talent and technology they need to regulate in this increasingly digital and data-driven marketplace."
The event began with a presentation about how innovation, new technologies and changing consumer expectations are rapidly reshaping the insurance industry.
"Insurance regulators can and should want to ensure insurtech startups understand the regulations that must be followed in this industry," Iowa Insurance Commissioner Doug Ommen said. "By working alongside insurtech innovators, both startups and incumbents, we can help increase consumer satisfaction through innovation while ensuring regulations are followed so consumers are protected."
The program showcased insurance regulators, academic thought-leaders and insurance industry innovators who explored changes in the marketplace and the challenges faced by regulators.
"The pace at which innovative ideas are coming to market is rapid and it's important for regulators to keep up, act quickly, and ensure these innovative ideas can come to market while meeting the regulatory standards that protect consumers," Ommen said.
Michael F. Consedine, CEO National Association of Insurance Commissioners
Eric Cioppa, NAIC President-Elect and Superintendent of Main Bureau of Insurance
Doug Ommen, Iowa Insurance Division Commissioner
Michael S. Pieciak, Vermont Department of Financial Regulation Commissioner
Nick Gerhart, Chief Administrative Officer for Farm Bureau Financial Services
Julie Sherlock, Head of Insurance Strategy for Boost Insurance
Chester Spatt, Golub Distinguished Visiting Professor of Finance, MIT Sloan School and Distinguished Senior Fellow at the Golub Center