Insurance companies in Asia are facing a labyrinth of regulations as they invest in the insurtech space, particularly in areas such as telematics, biometrics, and big data, according to The Insurtech Revolution: Regulatory Updates and Innovative Evolution in the Insurance Sector, a new guide by leading law global law firm Baker McKenzie. With interest and investment in insurtech on the rise, this guide provides insights around the complex insurtech regulatory landscape and innovation trends, particularly in big data, that are likely to directly affect and disrupt insurers. In Hong Kong, for example, the more prevalent use of telematics enables insurers to accumulate a wealth of customers’ behavioral information. This will allow insurers to have a deeper insight of their customers, which in turn will assist in formulating new directions for products and more accurately pricing their risks. Read more: chinabusinessreview.com
