Argentina: Insurance, insurtech innovation board

PRESS RELEASE from SSN

August 22, 2019

(Please note that this is a machine translation)

The National Insurance Superintendency (SSN) regulated the creation of the Insurance and Insurtechs Innovation Board with the aim of generating an interaction between the different actors linked to the technology applied to insurance and thereby promoting the innovation of the insurance industry .

The Innovation Table (or Innovation Hub) is a public-private collaboration space that seeks to create an environment for discussion and analysis regarding technologies applied to insurance. It aims to establish a communication channel that allows to know new business models and technologies related to the insurance industry, identify regulatory challenges related to Insurtechs risks and opportunities, contribute to the competitiveness of the sector and promote the benefits of efficiency and competition that contribute to the industry.

The SSN will prepare an internal regulation for the operation of the Innovation Board, which can be modified according to the changes that occur in the Insurtech ecosystem and insurance. Likewise, it will be an essential requirement for the proper functioning of the Bureau that a minimum of three representatives of entities supervised by the SSN be convened to the meetings.

It is the obligation of the SSN to establish the necessary measures to protect the interests of the insured - within the framework of a process of adopting new technologies applied to insurance in a transversal way - and guarantee the proper functioning of the insurance market.

The digital revolution is transforming the insurance industry worldwide. Both Insurtech and Fintech are replicated in several countries with positive results, such as the United States, Germany, Hong Kong, United Kingdom, Japan, Holland, Brazil, Colombia and Mexico.

The use of Big Data, Internet of Things, mobile technologies, artificial intelligence, blockchain, among others, allow speeding up processes, including claims, reduce costs and allow more efficient business management.

Therefore, the implementation of the Innovation Board by the SSN ( Resolution 733/2019 ) is of paramount importance, since it will provide innovative tools and technologies for the benefit of the sector and the insured.

Since the beginning of management, the SSN has been immersed in a process of adoption of international standards in the field of regulation of the insurance industry and modernization of the insurance sector.

Likewise, this Innovation Hub will contribute to compliance with the Basic Insurance Principles established by the International Association of Insurance Supervisors (IAIS), analyzing the new market behaviors resulting from the revolution originating in the Argentine insurance market. from the issuance of SSN Resolution No. 219/2018 . Through this rule, this Superintendency enabled for the first time in the history of insurance in Argentina, the commercialization and contracting of insurance digitally.

The SSN invites all those who are interested in knowing more about the Bureau of Innovation in Insurance and Insurtechs and wish to participate in it to get in touch, by sending an email to mesadeinnovacion@ssn.gob.ar