Insurance is a risk financing mechanism, and in a time when Marylanders and Maryland businesses are facing increased and unprecedented risks, understanding our insurance landscape has never been more important.
That’s why we teamed up with Insurance Commissioner Kathleen Birrane to answer your questions about a critical industry in the state of Maryland today and in the future at a virtual roundtable conversation. Check out some highlights, or view the full conversation below.
What are some of the significant changes you see happening in the regulatory environment today?
One of the most significant shifts in the insurance industry as a whole, and subsequently the state’s regulatory practice is the evolution of technology. Our industry has been transformed by our increased capacity to process and use big data, machine learning, and complex algorithmic functioning in our products and businesses. These drastically expanded capabilities are driving us in new directions in the insure-tech world, and subsequently in Maryland’s regulatory environment.
These changes shift how we need to think about product design, claims administration, and our industry as a whole. They also represent both a major disruption to the industry, and an opportunity for sophisticated growth for the insurance industry. By appropriately responding to these changes the state’s regulatory arm can work hand-in-hand carriers to make Maryland an attractive place for new businesses in the insure-tech space and beyond.
What are the priorities and philosophy of the Commissioner’s office right now?
Our regulatory philosophy is to strike a balance between ensuring companies in our market conduct themselves appropriately and keep their promises, and creating an attractive environment for the businesses in our market to grow and thrive. We realize our joint responsibilities to collaborate with both carriers and consumers: my goal is to make sure that our market is well protected.
Our work to strike this balance is not at the expense of innovation. In fact, we’re more aware than ever that Maryland consumers are demanding big changes in our industry today. Many consumers are ready to have all of their industry transactions happen in a totally digital environment. The role of the regulatory office is to ensure that we can help companies meet that need in ways that are mutually beneficial to carriers and consumers.
Hear more from Commissioner Birrane, including industry innovation and technology, NAIC considerations on race and inequality, and how we can build more opportunities for industry growth in the full webinar below.