Featured Product

    IAIS Publishes Papers on the Use of Digital Technology in Insurance

    November 13, 2018

    IAIS published an application paper on the use of digital technology in inclusive insurance, along with the resolution of comments on the draft application paper. The consultation on the paper ran from February 2018 to March 2018. IAIS also published an issues paper, along with its response to comments received on the consultation, on the increasing digitalization in insurance and its potential impact on consumer outcomes. The consultation on the issues paper took place from August 2018 to September 2018.

    The application paper on the use of digital technology in inclusive insurance provides guidance to supervisors, regulators, and policymakers when considering, designing, and implementing regulations and supervisory practices on the use of digital technology in inclusive insurance. The paper describes a typical inclusive insurance market and a typical inclusive insurance customer, to offer context of the operating environment of a supervisor. It also outlines the use and implications of digital technology within inclusive insurance markets and builds the context in which the Insurance Core Principles (ICPs) should be proportionately applied. The paper provides application guidance on the relevant ICPs in the context of the use of digital technology in inclusive insurance. The paper also examines the aspects of fintech and insurtech in inclusive insurance. 

    The issues paper on digitalization in insurance is aimed to consider the impact of the increasing use of digital technology in insurance. It examines consumer outcomes and discusses the implications of digitalization for insurance supervision. The paper recognizes that the impact of digitalization may differ among jurisdictions, depending on the legal frameworks in place. A distinction should be made between applications and the data/information these applications use or generate. While this paper covers both innovative applications and—more generally—the use of data, IAIS expects to publish a separate paper on the use of personal and other data from a "conduct of business" perspective. This paper provides these considerations in the context of other IAIS work on fintech and insurtech. Accordingly, the paper focuses on the product design and underwriting, along with the marketing, sales, and distribution aspects of the insurance value chain. However, the impact of the increasing use of digital technology on other aspects of the insurance value chain will be addressed in other IAIS material.

    Keywords: International, Insurance, Inclusive Insurance, Proportionality, ICP, Insurtech, Fintech, IAIS

    Featured Experts
    Related Articles
    News

    FSB Examines Financial Stability Aspects of Bigtech and Cloud Services

    FSB published two reports that consider the financial stability implications from the offering of financial services by bigtech firms and the adoption of cloud computing and data services across a range of functions at financial institutions.

    December 09, 2019 WebPage Regulatory News
    News

    APRA Specifies Capital Treatment of Equity Investments in ABGF

    APRA published a letter to the authorized deposit-taking institutions outlining the regulatory capital treatment of their equity investments in the Australian Business Growth Fund (ABGF).

    December 09, 2019 WebPage Regulatory News
    News

    EBA Publishes Action Plan on Sustainable Finance

    EBA published the Action Plan on sustainable finance for banks.

    December 06, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for December 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to three questions under the Capital Requirements Regulation (CRR) and the second Payment Services Directive (PSD 2).

    December 06, 2019 WebPage Regulatory News
    News

    APRA Publishes Proposal to Increase Transparency of Banking Data

    APRA proposed to substantially increase the volume and breadth of data it makes publicly available on authorized deposit-taking institutions, including banks, credit unions, and building societies.

    December 05, 2019 WebPage Regulatory News
    News

    ESMA Consults on Guide to Internal Controls for Credit Rating Agencies

    ESMA launched a consultation on the guidelines on internal controls for credit rating agencies (CRAs).

    December 05, 2019 WebPage Regulatory News
    News

    EU Finalizes Directive and Prudential Rules for Investment Firms

    EU published, in the Official Journal of the European Union, the Directive (2019/2034) and Regulation (2019/2033) on the prudential requirements and supervision of investment firms.

    December 05, 2019 WebPage Regulatory News
    News

    OSFI Revises Guideline on Principles for Management of Liquidity Risk

    OSFI finalized Guideline B-6 on the principles for the management of liquidity risk.

    December 05, 2019 WebPage Regulatory News
    News

    ESAs Publish Draft Amendments to Bilateral Margin Requirements

    ESAs published joint draft regulatory technical standards to amend the Delegated Regulation on the risk mitigation techniques for non-cleared over-the-counter (OTC) derivatives as well as a joint statement on the introduction of fallbacks in OTC derivative contracts and the requirement to exchange collateral.

    December 05, 2019 WebPage Regulatory News
    News

    RBNZ Releases Final Decisions Related to Capital Review for Banks

    RBNZ released a paper that sets out its final decisions following the comprehensive review of its capital framework for banks, known as the Capital Review.

    December 05, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4279