Hong Kong's Insurance Authority launched two pilot insurtech initiatives to promote the development and application of new technologies in the city's insurance sector.
Insurtech Sandbox will help authorized insurers experiment with new insurtech and other technology applications without having to fully comply with the regulator's requirements, according to a Sept. 29 release.
Under the sandbox initiative, pilot trials of insurtech applications will take place in a controlled environment with ample safeguards for policyholders. Insurers can obtain real market data and collect user feedback before their formal launch in the market.
Meanwhile, Fast Track will expedite the authorization process for companies using digital distribution channels. The regulator will be able to review proposed digital distribution channels at a preliminary stage.
The regulator will monitor the operations of both initiatives and may modify arrangements depending on implementation experience and industry developments.