On 1 August 2018, the International Association of Insurance Supervisors (IAIS) published a consultation on a draft issues paper on the increasing use of digital technology in insurance and its potential impact on consumer outcomes.
The IAIS says that digitalisation or digitisation is rapidly transforming and potentially disrupting insurance business. Examples such as mobile devices, the internet of things, telematics, big data, machine learning and artificial intelligence, distributed ledger technology, comparators, robo advisors, peer-to-peer and platform business models have an impact throughout the insurance value chain: from the design, underwriting and pricing of products, their marketing and distribution, through to claims processing and the ongoing management of customers.
The paper will consider consumer outcomes and discuss what digitalisation means for insurance supervision. The focus of the paper is on the product design and underwriting along with marketing, sales and distribution aspects of the insurance value chain.
Comments are requested by 30 August 2018.