The International Association of Insurance Supervisors has published a draft issues paper on the increasing use of digital technology in insurance and its potential impact on consumer outcomes. The focus of the paper is on product design, underwriting and distribution.
The paper notes the potential for advances in digitalisation to impact fair customer outcomes, including potential impacts from reduced face-to-face contact, insufficient consumer understanding of the product or service and its provider, and potential exclusion for some consumers. It also considers what digitalisation means for supervisors.
Comments are invited on the draft issues paper until 30 August 2018.