This pace of innovation and change is also having an impact on the regulatory environment. As new business models, products and processes are being created by InsurTech and innovation to meet rapidly changing customer demands and expectations, we are beginning to see how regulators are reacting to these changes and how AM Best is incorporating an evaluation of innovation into its rating methodologies.
Why? Because consumers and business owners have a new set of expectations and behaviors and are creating innovative new businesses that need new risk coverages. As a result, the regulators are beginning to respond to this era of innovation in different ways.
As you start 2020, hear from this panel of experts on how AM Best’s Innovation Assessments and insurance sandboxes are addressing innovation within the insurance industry.
Who would have thought the combination of innovation and regulation would join together to accelerate the future of insurance!
Denise Garth - Senior Vice President Strategic Marketing, Majesco
Edin Imsirovic - Associate Director, AM Best
Kay Godfedsen - Former First Deputy Commissioner, Iowa Insurance Division
Mark Hamlin - Policy Advisor for Emerging Products, Ohio Department of Insurance