INSURANCE REGULATORS SLOW ADOPTION TO DIGITALIZATION COST INSURERS 60% MORE DURING LOCKDOWNS.

Insurance regulators hard stand on digitalization have resulted in additional costs for 60% of insurers during covid-19 lockdowns. In a recent issue of the General Association they find that insurance regulatory frameworks are perceived to be less conducive to digitalization than bigger factors such as government policies, digital infrastructure and local culture. The survey issue also find that the three most common regulatory barriers to digitalization are paper document delivery provisions, insurance distribution regulation and a lack of telehealth provisions for medical examination procedures.

Although digitalization is not a goal in itself, but if adopted provides insurers and their customers with benefits that are particularly useful in situations where in-persons interaction is not possible as witnessed during the covid-19 induced lockdowns globally.

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