Regulating for responsible innovation in the insurance space

For more than five years, insurtech has received considerable attention and attracted large amounts of venture capital in countries such as the United States, Australia and those across Europe.

As part of our ongoing work on insurtech and the importance of proactive and responsible regulation for innovation, we participated in the inaugural FSD Mozambique Insurtech Workshop. Co-hosted by the Institute of Insurance Supervision of Mozambique (ISSM), attendees ranged from insurtechs and insurers, to research institutions and fintech associations. Michaella Allen provided a keynote address on “Regulating for responsible innovation in the insurance space”.

Some of the questions discussed at this year’s event were, “How can the Mozambican insurance regulator regulate to enable innovation while also ensuring the protection of consumers?”, “What sort of tools do regulators need to regulate for innovation?” and “Is a sandbox the solution or are there more fit-for-purpose options available?”

This presentation includes emerging insights coming from Cenfri’s insurtech tracker and outlined a regulating-for-innovation framework that regulators can apply to help strike the balance between enabling market development and protecting consumer interests.