NTT DATA
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want to compete or substitute insurance companies in the Insurance ecosystems , but do want to participate in the ecosystem , in parts of the Insurance value chain where they can get the margins expected and where they can play a relevant role , providing additional value for their own clients .
Regulations as the Motor for Innovation in the Insurance Industry The insurance industry is one of the most regulated in the world . Although it can be perceived as an obstacle to progress on many occasions , regulation is a key factor .
When Technology , Insurance and Regulation come together , new possibilities and benefits are born for all actors involved , especially at a time of important and accelerated change . Regulation is also trying to adapt to these new times and , above all , to the speed and magnitude at which these changes are reaching different industries .
Regulatory Sandboxes , Regtech companies and the like , are here to stay . With regards to the former , more than 60 Sandboxes have been created in the past six years worldwide , which not only represent a possibility for adapting to technological innovations with the corresponding regulatory compliance , but also shows a consolidation of these test spaces in the Insurance Industry .
Likewise , Regulatory Sandboxes ease the adaptation of businesses to the constant regulatory framework modifications , complying with new demands and competitiveness . DORA , IDD , IFSR or GDPR are just some of the ever-changing and constantly growing directives and regulations that insurers must take special care of .
In a journey that gets closer and closer to the era of Open Insurance , compliance is a must . According to NTT DATA , regulations should no longer be understood as a source of control , as it has traditionally been perceived , but on the contrary , regulatory legislation has become a facilitator and an impulse for huge innovations in the industry .