Regulators engaged with InsurTechs on Monday during table discussions sponsored by the National Association of Insurance Commissioners (NAIC) and during the conference’s expo with Plug and Play Tech Center’s InsurTechs. Connecticut Insurance Commissioner Katharine L. Wade and NAIC CEO Mike Consedine were also panelists during sessions the first two days of the conference.
Wade took part in the conference’s “So You Want to Be an InsurTech?” panel, which gave innovators insight into the process of understanding the role insurance regulators play in bringing a new product to market.
“Insurance regulators are active in these spaces because we want to be engaged with innovators early in the process,” Wade said. “Attending events like InsureTech Connect allows us to explain to entrepreneurs how insurance is regulated and answer their questions, which gives us the opportunity to encourage innovation while protecting consumers.”
Consedine participated in the “Driving Innovation, Removing Friction & Navigating Regulation” and “Cutting Through the Hype on Big Data” panels.
“We’re going to see more insurance innovation in the next 10 years than we’ve seen in the last 150,” Consedine said. “These events enable regulators to assess risk and have a continuous dialogue with industry innovators. Regulators and innovators must work together to educate each other about the new technology, its impact on the marketplace and consumers in order to effectively regulate it.”
The NAIC will continue to engage innovators next week during its Autonomous Vehicle Insurance Forum and Joint Cybersecurity Forum with the Stanford Cyber Initiative in Silicon Valley. On-site registration for the NAIC’s Silicon Valley forums will be available.