FOR IMMEDIATE RELEASE
NAIC Increases Spotlight on Innovation and Emerging Technologies
Association's new task force to focus on InsurTech
WASHINGTON, D.C. (March 9, 2017) —The National Association of Insurance Commissioners (NAIC) announced today the creation of the Innovation and Technology (EX) Task Force to help insurance regulators stay informed on key developments, including new products and services from start-up companies, as well as established insurance industry players. The task force reports directly to the NAIC Executive Committee.
"This is an important step in our efforts to increase our engagement in new and innovative technologies," said Ted Nickel, NAIC President and Wisconsin Insurance Commissioner. "Insurance regulators have a critical role to play in supporting innovation. This includes working with individuals and companies creating new product offerings and services to meet consumer expectations while ensuring consumers are adequately protected."
Annual investment in InsurTech increased to more than $2.5 billion in 2016 and continued growth is expected in the coming years.
Michigan Insurance Director Patrick M. 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 the Big Data Working Group, the Cybersecurity Working Group and the Speed-to-Market Working Group.
The task force will meet at the NAIC's Spring 2017 National Meeting in Denver.