Insurtech body pushes for regulatory shakeup to boost industry expansion.

July 1, 2024
1 min read

TLDR:

Insurtech trade body calls for regulatory changes to encourage growth in the sector by creating a positive policy environment and facilitating better funding. The next government must prioritize these changes to allow more insurance technology firms to enter the market.

Key Elements:

  • Insurtech trade body calls for regulatory changes to stimulate growth in the sector
  • Emphasis on creating a positive policy environment and facilitating better funding
  • Next government urged to prioritize these changes to attract more insurance technology firms
  • Importance of regulatory shakeup in enabling insurtech firms to thrive
  • Links between regulatory environment and growth potential of insurtech sector

Full Article:

In a recent article on Law360, the insurtech trade body has called for regulatory changes to fuel growth in the sector. The next government is urged to create a positive policy environment and facilitate better funding to allow more insurance technology firms to enter the market. The trade body emphasizes the importance of a regulatory shakeup in enabling insurtech firms to thrive, highlighting the links between the regulatory environment and the growth potential of the insurtech sector.

Insurtech companies are seen as key players in the future of the insurance industry, with their innovative technologies and solutions disrupting traditional practices. However, regulatory barriers and lack of funding have hindered the growth of these firms. By addressing these issues and creating a more supportive regulatory framework, the insurtech sector can flourish and contribute significantly to the insurance industry.

The call for regulatory changes comes at a crucial time when the insurance industry is undergoing rapid transformation due to technological advancements. Insurtech firms have the potential to revolutionize the way insurance is bought, sold, and managed, but they need the right regulatory environment to thrive. The next government must heed these calls for change and take proactive steps to support the growth of the insurtech sector.

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