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Collaboration between insurers and fintech firms

In a bid to provide more opportunities for insurance companies and fintech firms to co-develop innovative insurance products, the Financial Supervisory Commission of Taiwan (FSC) now allows cross-industry collaborations.

The collaboration initiative that began in 2023, facilitates the development of innovative insurance products, services or processes and application to conduct pilot projects. By relaxing regulations, insurance products and services can now be sold not only on insurance company websites or apps but also on related non-insurance platforms.

Speaking to Asia Insurance Review, FSC insurance bureau director general Chiung-Hwa Shih said, “Given the rapid development of the digital economy and emerging technologies, building an ecosystem where the insurance industry collaborates with different industries to offer diverse services is an inevitable trend.”

So far, five pilot projects involving insurance companies and fintech firms have been approved. These include collaborations between non-life insurance companies and telecommunications companies to promote travel-related insurance with premium collection through telecom bills.

Also, collaborations between non-life insurance companies and airlines to promote travel-related insurance, and partnerships between non-life insurance companies and e-commerce platforms to promote insurance for mobile devices and home appliances are making good progress. This allows consumers to access innovative, diverse, and convenient insurance products and services online.

Ms Shih said, “Under the premises of requiring insurance companies to strengthen cyber security, personal data protection, and maintain strict internal controls, the FSC encourages the proactive development of e-commerce business in the insurance sector in areas such as cyber security and personal data protection. The FSC mandates that insurance companies obtain international certifications for information security management systems (ISO27001) and personal information management systems.

“Additionally, internet application systems must undergo regular security testing. Facing the wave of emerging technologies such as AI, the FSC continues to encourage the use of fintech in the insurance industry, providing the public with more diverse insurance coverage and services while adhering to the aforementioned premises.”

FSC has also promoted initiatives such as policy digitalisation and the use of blockchain technology for policy conservation and claims adjusting.

Ms Shih said, “In this rapidly evolving technological landscape, the insurance industry is expected to continue leveraging technology to develop customer-centric innovative products and services while ensuring information security. In response to the digital era, the demand for obtaining various products and services online has significantly increased.”


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