In PropertyCasualty360° Article, Shawn Hanson and Nicholas Gregory Provide InsureTech Conference Recap
PropertyCasualty360° has published the article “Regulators take note: Consumers want better insurance technology,” written by Akin Gump litigation partner Shawn Hanson and counsel Nicholas Gregory. The article recaps one of the panels from the recent InsureTech Connect conference in Las Vegas.
Hanson and Gregory write that the panel “Balancing Innovation and Regulation” reminded attendees that “insurance—while highly ripe for innovation—is also a highly regulated industry.” One of the speakers spoke about the significant changes taking place in the insurance industry that are being driven by consumers who are looking for “simpler and more intuitive policies; a streamlined and digital application process; faster claims payments; mobile access; and new products, such as peer-to-peer or pay-as-you-go.” As such, insurance regulators are taking an active role in enabling innovation.
The article also discusses the comments of a speaker who noted that companies “should understand the regulatory regime in which they operate, and ensure that they are in compliance.” Companies were encouraged “to engage regulators from the outset to explain how a new algorithm or business model works to ensure that they are not running afoul of state regulations.”
Finally, Hanson and Gregory write that brokers should be aware of anti-rebate and anti-inducement laws. One of the speakers pointed out that these laws can be “particularly problematic for new entrants into the industry.”