数字保险业务模式的监管考虑|问题简报

Dennis Noordhoek,The Geneva AssociationRegulatory Considerations for DigitalInsurance Business Models 2www.genevaassociation.orgThe Geneva AssociationThe Geneva Association was created in 1973 and is the only global association of insurance companies; ourmembers are insurance and reinsurance Chief Executive Officers (CEOs). Based on rigorous research conductedin collaboration with our members, academic institutions and multilateral organisations, our mission is toidentify and investigate key trends that are likely to shape or impact the insurance industry in the future,highlighting what is at stake for the industry; develop recommendations for the industry and for policymakers;provide a platform to our members, policymakers, academics, multilateral and non-governmental organisationsto discuss these trends and recommendations; reach out to global opinion leaders and influential organisationsto highlight the positive contributions of insurance to better understanding risks and to building resilient andprosperous economies and societies, and thus a more sustainable world.AcknowledgementsThis issue brief is based on a survey of insurers and reinsurers in July and September 2020. The Geneva Associationis very grateful to all insurers that participated in the survey, members of the Public Policy & Regulation WorkingGroup, as well as representatives of the regulatory and wider insurance communities that contributed to the casestudies.Our special thanks go to Maya Zamor (Prudential Financial), William Vidonja (Insurance Europe), Shantell Isaac(MetLife), Xinyu Gong (PICC), Ben Howarth (Association of British Insurers) and Kenichiro Namiki (The GeneralInsurance Association of Japan).Photo credits:Cover page— Peshkova / Shutterstock.comGeneva Association publications:Pamela Corn, Director CommunicationsHannah Dean, Editor and Content ManagerPetr Neugebauer, Digital Media ManagerSuggested citation:The Geneva Association. 2021.Regulatory Considerations forDigital Insurance Business Models.Author: Dennis Noordhoek.March.© The Geneva Association, 2021All rights reservedwww.genevaassociation.org Contents1.Executive summary2.Digital business models and their rationale2.1The insurance value chain2.2Digital transformation and digitalisation defined2.3Benefits of digital transformation2.4Regulation and digital insurance business models3.Survey results3.1Conduciveness to digital insurance business models3.2Specific regulatory barriers to digitalisation3.3Commercial and operational implications4.Case studies4.1China4.2Singapore4.3United States4.4United Kingdom5.Conclusions and recommendationsReferences 3Regulatory Considerations for Digital Insurance Business Models4667791010111214141516171820 The COVID-19 pandemic and subsequent lockdowns forced many insurers toaccelerate the transition to digital business models. In many countries, thistransition has been remarkably successful, however, the crisis also highlightedthe critical role played by national regulatory frameworks in both hindering andfacilitating the shift to digitalisation in the insurance industry.COVID-19 lockdowns highlighted the critical roleof national regulatory frameworks in both hinderingand facilitating the shift to digitalisation in theinsurance industry.Digitalisation is not a goal in itself, but provides insurers and their customers withbenefits that are particularly useful in situations where in-person interactions cannottake place, played out in its fullest form during the COVID-19-induced lockdowns.Digitalisation drives an increase in speed and efficiency, irrespective of where thecustomer is located, and promises improved customer service and satisfaction.These benefits, however, can only be reaped if certain conditions are met.Regulatory frameworks and policy play important roles in creating an environmentthat is conducive to digital insurance business models, rather than (unintentionally)hindering digitalisation. Against this backdrop, this paper explores regulatorybarriers to the digitalisation of insurance business models.In order to better understand the role and impact of regulation in digitalisation, TheGeneva Association conducted a survey of insurers, the results of which form thebasis of this paper.Key findings1.Insurance regulatory frameworksare perceived to be much lessconducive to digitalisation than macro-level factors, such as governmentpolicies, digital infrastructure and local culture.2.The three most commonly cited regulatory barriersare paperdocument delivery provisions, insurance distribution regulation, and a lackof telehealth provisions for medical exam procedures.3.Regulatory barriers to digitalisationresulted in additional costs for 60% ofinsurers during COVID-19 lockdowns, with 50% of insurers reporting lost salesand/or operational impacts.4.Engagement and cooperationbetween regulators and the insurance sector,and a technology-agnostic regulatory framework, are the two most commonfactors for conducive regimes.1.Executive su