Public Consultation: Issues Paper on Digitalization of the Insurance Business Model 

Comments due by 5 September 2018

Background:

The IAIS is seeking feedback through public consultation on draft Issues Paper on the Increasing Use of Digital Technology in Insurance and its Potential Impact on Consumer Outcomes. Feedback on this consultative document is invited by 5 September 2018 at 24:00 Basel time.

Digitalisation or digitisation is rapidly transforming and potentially disrupting insurance business. Examples such as mobile devices, the internet of things (IoT), telematics, “big data”, machine learning and artificial intelligence (AI), “chat-bots”, distributed ledger technology (DLT), comparators, robo advisors, peer-to-peer and platform business models have an impact throughout the insurance value chain: from the design, underwriting and pricing of products, their marketing and distribution, through to claims processing and the ongoing management of customers.

The purpose of this paper is to consider the impact of the increasing use of digital technology in insurance. It will consider consumer outcomes and discuss what digitalisation means for insurance supervision.

The focus of this paper is on the product design and underwriting along with marketing, sales and distribution aspects of the insurance value chain. Other aspects, most noticeably pricing, will be addressed in IAIS’s other work.

 

How to provide feedback: 

Please use the Consultation Tool available at the consultation page of the public section (accessed below) to provide your comments. Instructions for use are available when you access the Tool. Please note that only comments submitted through the Tool will be considered. All comments will be published on the IAIS website unless an option in the Tool to keep comments confidential is chosen.

Please note that some formatting (e.g. bullet points) may not be preserved when copying and pasting your comments into the Consultation Tool from other software such as Microsoft Word.