[Video] P&C in 2021 Pt. 4 – Regulating Innovation & Technology
Webinar Series Recap
P&C in 2021 is a webinar series that examines industry trends and reactions with leading analysis and experts, hosted by Ryan McMahon, VP of Insurance & Government Affairs at CMT.
In the series’ fourth installment, McMahon invites Denise Matthews, Director of Data Coordination & Statistical Analysis at the NAIC, Kathleen Birrane, Commissioner at the Maryland Insurance Administration, and Elizabeth Dwyer, Superintendent of the Rhode Island Insurance Division, and Vice Chair of the NAIC Innovation & Technology Task Force, to discuss the latest trends in the regulatory industry.
During their session the panel discusses issues including the anti-rebating law’s recent changes, the various impacts of COVID-19 on P&C insurance, anticompetitive conduct in the insurance technology markets, and gives a thorough overview of the Technology Task Force.
McMahon asks Birrane for her perspective on the impact of the insurance industry’s use of technology and what was brought to the forefront that may have not been as critical prior to the onset of the pandemic.
Birrane states that COVID has highlighted a lot of issues that have required change and consideration for a long time in the industry. She cites new technologies in claims processing and handling that have undergone an expedited adoption given the circumstances. “Things that people have perhaps been concerned about from a data protection, privacy perspective, competency perspective, have become necessary in order to function in the current world that we find ourselves in.”
McMahon turns to Matthews to provide background on what the Technology Task Force is charged with and how issues are being addressed by the NAIC during this time.
Matthews details how the task force was born out of the need for a platform to discuss innovation and technology, which “includes facilitating education, as well as monitoring new developments in this area.” She states that “it’s critical to find out the key stakeholders, like CMT, but also the accelerators and innovators, because it isn’t just traditional insurance companies, it is startups and technology companies. We spent a really long time doing that and learning to build that network. This is how we can encourage really great innovation and technology.”
Be sure to register for our next installment of P&C in 2021 – What InsureTech can learn from FinTech, March 9th at 11 am EST (5 pm CET). Click here to save your seat!