December 6th Post by Jenny Williams
Keep in touch with the fast-moving world of technology innovation in insurance via InsTech London. #insurtech
Even Regulation becomes sexy when you add in some ‘Tech’!
According to Deloitte (see here) RegTech has the following key characteristics:
Agility — Cluttered and intertwined data sets can be de-coupled and organised through
ETL (Extract, Transfer Load) technologies,
Speed — Reports can be configured and generated quickly.
Integration — It offers short time frames to get solution up and running.
Analytics — A recent Deloitte report quoted biologist Edward Wilson “We are drowning in information, while starving for wisdom”. RegTech uses analytic tools to intelligently mine existing “big data” data sets and unlock their true potential e.g. using the same data for multiple purposes.
Insurers love to complain about the level of regulation they are subject to, but they also rely on that same regulation as a barrier for others to enter their industry. But regulation itself is also ripe for disruption. Our favourite technologies will help to improve the compliance process, making it more streamlined and transparent, and with it — those barriers to entry may also reduce.
Check out Covi Analytics, alumni of the Startupbootcamp Insurtech class of 2016, who are digitizing the compliance process, making it simpler, reducing costs and aiding faster decisions. Also see REG UK, recent winners of Insurance Times InsurTech start-up award.