Aflac, Pacific Life Alumni Help Start Insurtech Group

In November 2020, the council submitted a comment letter to the NAIC to address the topic of rebating, in connection with how regulations in that area might affect insurtech programs that encourage policyholders to try to be healthier and safer.

The council submitted a comment letter, related to efforts to address the possibility that new insurance technology could contribute to racial bias, to the NAIC in May 2021.

"Race-based discrimination and bias have no place in the business of insurance and where instances of such exist they should be addressed," Harrison and the other co-founders wrote in the letter. "We believe that this can be done without altering the commitment to the core principles of risk transfer, risk mitigation, pricing, consumer protection, and an unalterable commitment to insurer solvency that have been the foundation for state-based regulation in the U.S. for well over a century."

The Future

AITC says it will do policy research and provide educational programming as well as helping with advocacy.

Harrison said in a comment about the AITC launch that co-founders believe promoting responsible technology-based innovation across all lines of insurance is a matter of the highest public interest and will improve people's lives.

"AITC is committed to the development of clear regulatory standards for InsurTech that encourage innovation while ensuring transparency and essential consumer protections," Harrison said.

Wieske said insurtech can help insurers improve public access to insurance products, and especially in underserved markets.

Another role AITC might play is determining how everyone refers to insurance technology.

Some people write "insuretech." Early on, the group seems to have put the E in the middle of that term in some website links.

Since then, the group has moved to referring to its area of interest as "InsurTech," with no E before the T, and a capital T.

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