The National Association of Insurance Commissioners (NAIC) has created an Innovation and Technology Task Force to help insurance regulators stay informed on the latest developments in insurance technology.
The task force, which works directly under the NAIC Executive Committee, will report on new products and services from start-up companies, as well as established insurance industry players.
Michigan Insurance Director Patrick McPharlin and Oregon Insurance Commissioner Laura Cali Robison will lead the task force as chair and vice chair, respectively. The new task force will also oversee the work of NAIC’s Big Data Working Group, the Cybersecurity Working Group and the Speed-to-Market Working Group.
“This is an important step in our efforts to increase our engagement in new and innovative technologies,” Ted Nickel, NAIC president and Wisconsin Insurance commissioner, said.
Annual investment in insurance technology increased to more than $2.5 billion in 2016. Continued growth is expected in the coming years.
“Insurance regulators have a critical role to play in supporting innovation,” Nickel said. “This includes working with individuals and companies creating new product offerings and services to meet consumer expectations while ensuring consumers are adequately protected.”
The task force will meet for the first time at the NAIC’s Spring 2017 National Meeting, April 8-11 in Denver, Colorado.