“As noted by Lindsay Robinson in the National Association of Mutual Insurance Companies’s [IN]SURANCE Magazine, Insurtech is a word – and practice – that has taken the industry by storm. With the numerous regulations coming the industry’s way, RegTech is another word that needs to be part of the vocabulary.
According to an excerpt from Robinson’s article, “RegTech could fit under the Insurtech umbrella, but John Humphries, founder and CEO of regulatory technology firm Risk Priorities, says there is a difference. While RegTech can be used by financial service companies, I see it as distinct technology solutions that provide value to many industries, Humphries says. In addition to financial services, including insurance, RegTech can be used in life sciences, pharma, health care, any industry that is highly regulated”.