25 Oct Innovative evolution within the insurance sector in the Asia Pacific region
A June 2016 report by Baker & McKenzie entitled The Insurtech Revolution explores important topics pertaining to the so-called innovative evolution within the insurance sector in the Asia Pacific region. The first section of the report concerns the regulatory environment for innovation and covers a number of different topics relevant to the subject. Detailed information is provided about regulators per country in the Asia Pacific region, the types of fintech or insurtech activities that are regulated, the attitudes of different regulators, and the criteria and processes within the regulatory environment. Additionally, other questions of concern regarding the regulatory environment for innovation are addressed.
The second section of the report covers technology and risk management. Specifically, the laws that insurance companies must comply with in terms of technology risk management are again noted for each specific country. Furthermore, notable regulations regarding data privacy and cybersecurity in Asia are detailed. Finally, the report describes relevant market trends in the Asia Pacific region, looking into the challenges to insurtech innovation, the impact of fintech/insurtech on the financial services industry, and other key trends within the market.
