Insurance regulators are paying close attention to how insurer-consumer relations may be affected by robotic process automation, advanced analytics, predictive models, mobile technology, artificial intelligence and a host of other emerging innovations. (Photo: Shutterstock)
Regulators are being challenged to enhance consumer protection as insurers rapidly expand their technological capabilities, while at the same time upgrading their own market conduct and compliance systems to keep pace with the carriers they oversee.
The Deloitte Center for Financial Services recently surveyed senior staff and leadership at U.S. insurance departments about the development of InsurTech and RegTech. Half of the 56 member jurisdictions of the National Association of Insurance Commissioners responded. The goal was to examine the difficulties of regulating insurers in an increasingly digital environment, while also gauging where regulators are and where they expect to go when it comes to their own digital journey.
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