Technological change always has a big impact on the insurance and pension sectors. The pace of this change has accelerated with the latest wave of new financial technologies (fintech). New terms like “insuretech” and “pensiontech” have been used to categorize the use of new technology applications for these sectors. For example, the rapid development of cellphone applications is being used to expand access to and inclusiveness of insurance and pensions in emerging countries. So, what are the implications for insurance and pensions supervisors?
The rapid pace of technological change creates new or heightened insurance and pension sector risks through its impact on many dimensions – including products, distribution, administration, investment, and risk management. In this program, we will look at how the adoption of financial technologies are reshaping the insurance and pensions sectors and how supervisors should respond. This program will examine some of the resulting changes to risks that could have significant effects on insurance and pensions entities and the consumers they serve. It will help supervisors to identify, assess, and respond effectively to such risks, for example, by requiring changes to control and oversight functions to help mitigate the emerging and heightened risks.
In addition to the joint sessions, sector-specific breakout sessions and case studies will be included, in recognition of the specific needs and interests of insurance and pensions supervisors. The program will open with sessions on how to identify key stakeholders of supervisory authorities, and how to communicate effectively with them to achieve results.
The program will provide an excellent forum for insurance and pensions supervisors to learn from leading experts and practitioners, and to share and discuss their own experiences and solutions to challenges faced around the world.