The International Association of Insurance Supervisors (IAIS) issued two publications showcasing work on digital innovation, focusing on FinTech and the role of supervisory technology.
- IAIS Report on Fintech developments in the insurance sector
- Given the rapidly increasing ease of accessibility and digital innovation in financial technology (“FinTech”) and its far-reaching effects on the insurance sector, the IAIS has identified FinTech as one of its strategic themes. FinTech presents significant opportunities for financial inclusion and policyholder value yet also poses market conduct and operational risks. This report presents the outcomes of exploratory, deep dive assessments into three topics: Use of application programming interfaces (APIs) and open data; distributed ledger technologies (DLTs) and blockchain; and safe, fair and ethical adoption of artificial intelligence (AI) and machine learning (ML) and the use and governance of data.
- A2ii, FSI, IAIS Note on SupTech in insurance supervision
- This note was developed jointly with the Access to Insurance Initiative (A2II) and the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS). Given the increasing importance of the role of supervisory technology (“SupTech”), insurance supervisors see the need to clearly understand the potential of SupTech to aid their work. This note aims to contribute to this understanding by citing concrete examples of how SupTech tools are used by 22 insurance supervisors. It covers 38 SupTech tools, which are classified according to their intended use – whether for prudential or market conduct supervision or both.
by Yana Keller