On 26 March 2019, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that in 2019 it will conduct follow-up research to come up with a supervisory approach that aligns with the possibilities and risks of ‘Insurtech’ (technological innovation in the insurance sector).
In its press release, DNB notes that it follows from interviews that insurers have further substantiated their strategy with regard to technological developments and have deployed their implementation via digitization and data analyses, all with the aim of increasing cost efficiency and improving the “customer journey”. DNB also notes that insurers consider further expanding their services by developing new products and services (although no major commercial successes are visible yet).
DNB wants to safeguard that insurers have a demonstrable picture of the opportunities and risks with regard to technological developments and that they are able to substantiate and implement strategic decisions regarding technological developments. For this purpose, DNB will conduct a thematic follow-up research in 2019. In the second quarter of 2019, DNB will ask small and medium-sized insurers to provide insight into how they take into account Insurtech in their strategy and operations. For larger insurers, this follow-up research will be handled through the regular account supervisors.
View DNB’s press release (Dutch only), 26 March 2019.