Richardson said that regulation can and will help determine where innovation can fit into the insurance landscape. It will also enable carriers, insurtechs and consumers to enjoy the fruits of innovation in the best possible way, she added.
“We are trying to see where openings are so we can help steer and guide people to be considering other ideas,” Richardson noted.
Brian Gaab, managing principal for strategy and innovation at CSAA Insurance Group, said that regulation is appropriate for insurtechs and other “innovation houses” as well, as soon as possible in the development of new products and services.
“We have a common goal,” Gaab said. “We want to protect people and we want to bring insurance to more people who need it.”
Turning to Richardson, Gaab noted that she and other regulators also “want to make sure everyone is getting insurance in a fair way and what they need.”
Andrew Robinson, Co-CEO of Groundspeed Analytics, a data science and AI company that serves commercial P/C insurance carriers, brokers and MGAs, said that working with regulators has been a positive experience so far, particularly in recent months.
“I find that the industry tone around this is very different than even 24 months ago,” he said.
Gaab predicted that the future insurance environment will need “more regulation” than exists right now, as technology invades all parts of life, from the underwriting process to ridesharing and more.
“The insurance industry hopefully will be proactive and not reactive to broader economy changes,” he said.
The panel covered a number of other topics, including:
Kassie Bryan, head of Solutions, P&C Americas for Swiss Re, reaffirmed a growing insurance industry practice of partnering with insurtechs in order to access innovative technology and approaches…