The Insurance Authority has recently launched two new
initiatives to promote the use of insurtech in Hong Kong. These are
the 'Insurtech Sandbox' and 'Fast Track'. These are
welcome steps and show that the Insurance Authority, which became
the insurance regulator in Hong Kong just this June, is taking
seriously its statutory function to promote the stable and
sustainable development of the insurance industry.
Insurtech Sandbox
Existing Hong Kong-authorised insurers (together with the
technology firms working with them) can apply to run a trial in the
Sandbox.
Within the parameters of the Sandbox, insurers can try out new
insurtech and other new technology initiatives availing of some
flexibility in the application of regulatory requirements. The
insurer must comply with the Sandbox's principles:
