S3E13: Kay Godfredsen on Regulation and Insurtech
Get a sneak peek into the Global Insurance Symposium, April 24-26.
Kay Godfredsen is back on Denim Rivet, this time as Iowa’s First Deputy Commissioner of Insurance. She also serves as the co-chair of the Global Insurance Symposium (GIS) and shares some exciting updates coming to this year’s event, April 24-26 in Des Moines. Kay has her finger on the pulse of innovation taking place in insurtech and shares her perspective on the intersection of insurtech and regulation. She rounds off the episode with her predictions for the upcoming year and, of course, her answers during the Rivet.
Global Insurance Symposium
Based on feedback from previous years, the GIS will be changing its format; after the keynote speakers wrap up, attendees will split into separate tracks. A new event app will enable attendees to keep tabs on different tracks, speakers, and networking opportunities. The app also has a note feature that will allow attendees to take notes in the moment instead of waiting to get back to their hotel rooms or home offices, or scribbling them illegibly on a notepad.
The GIS will feature very important, potentially controversial, conversations — specifically in regards to something that has affected almost every community in the nation: opioids. Other sessions attendees can look forward to include the GIA Demo Day, as well as discussions on blockchain and cyber. This year’s hotel is the brand new Hilton in Downtown Des Moines, which is also connected to the event center.
Regulation and Insurtech
At the intersection of insurtech and regulation is the consumer. To keep the consumer at the forefront, Kay recommends insurtech companies talk to insurance commissioners often and early. Talk about how success is defined for you, how you will test that, and if your development is compliant with the current laws. If not, why? Is it capable of being piloted right now in Iowa? Kay’s door is completely open for the insurtech scene.
Iowa has had the privilege of being chosen to chair the Big Data Working Group at the National Association of Insurance Commissioners (NAIC). There are a lot of questions being asked right now of the industry around the globe — such as how autonomous driving and genetic testing will play roles in the industry’s future. Looking at who is at the center, how consumers will benefit, and even if your ideas need trade secret protection around your filings are the types of consumers Kay is keeping her eye on.