Sunday, November 05, 2017

Delaware Business Insurance Update, From CNC Insurance Associates, “Will State Regulation Put a Road Block in Front of Insurance Innovation”. 11-5-17

The word “disrupters” is being used quite frequently in the Insurance industry today. There are many tech companies trying to figure a way to change and disrupt the way the insurance consumer utilizes insurance. Most are looking to make insurance transactions easy and mobile. It is only a matter of time your cell phone will be the common  starting point for buying, transacting, and claim making. It is already happening.  Technology, coordinating with your local agent, will also be the norm. However as I right this blog, the technology wave is slow to progress. Most of delay is caused by state regulators whose job it is to protect the consumers. Making sure technology does not hurt the insurance buying public is paramount to make it all work for the future. States have done an excellent job in holding the insurance industry accountable to their policy holders. The last thing that regulators will want is technology eroding those protections even it if does mean making the consumer experience with insurance better.  So most states are teaming up with the Insurance company innovators to try to crack the code in melding new technology with consumer protection. Regulators are giving experimental leeway for some of the new disrupter’s technology, while at the same time, keeping them in check. This teamwork will only mean better things for insurance buyers. Ease of doing business with state regulation all in new forms of technology is going to be exciting as these platforms roll out in the very near future. Stay tuned !  Until next time be careful out there and know you risks.

G. Kevin Nemith
Area President CNC Insurance Assoc, Member of the Hilb Group