Publication Type

Journal Article

Version

submittedVersion

Publication Date

7-2020

Abstract

The insurance sector, in riding the wave of the FinTech phenomenon, has been rapidly expanding, with a slew of firms having emerged to provide so-called “InsurTech” services. These services incorporate concepts such as blockchain, artificial intelligence, digitalisation and the sharing economy to various aspects of the insurance industry. This profusion of technology brings with it the promise of various benefits including increasing efficiency and lowering costs for not only insurers and intermediaries, but also businesses or consumers as end-users of insurance. However, the development of InsurTech comes with corresponding risks and regulatory concerns not currently accounted for by the traditional regulatory model. This paper will examine potential risks associated with the application of InsurTech and scope out how current regulations might hinder (rather than facilitate) the development of InsurTech. This paper then concludes with a discussion of various possible responses or regulatory approaches to InsurTech application

Keywords

financial regulation, regulatory sandbox, financial technology, fintech, insurance technology, insurtech

Discipline

Banking and Finance Law | Finance

Research Areas

Corporate, Finance and Securities Law

Publication

Singapore Journal of Legal Studies

Volume

2020

First Page

115

Last Page

142

ISSN

0218-2173

Identifier

10.2139/ssrn.3463533

Publisher

National University of Singapore

Copyright Owner and License

Authors

Additional URL

https://doi.org/10.2139/ssrn.3463533

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