InsurTech4Good.com Weekly Newsletter – #14, 2025
I’m starting this newsletter episode with some personal news. I wrote an opinion article for a leading Estonian business newspaper, where I explore how Estonia could take a leading role in responsible financial innovation.
To fully realize our potential, we need a deliberate and targeted national FinTech strategy, an open discussion on the role of modern financial supervision in society, and a willingness to take calculated risks.
Read more here – and feel free to share your thoughts!
The rest of the newsletter covers plenty of open insurance updates this time, but also includes insights on the role of AI in risk-based supervision – so it’s an insightful read for both the regulatory community and innovators.
Andres Lehtmets
Open Insurance in Thailand
Thailand is introducing open insurance, with strong support from the local insurance supervisor.
According to the article, the introduction of the open insurance system as part of the digital economy infrastructure will help increase service efficiency, expand business opportunities, and enhance transparency in the Thai insurance industry.
Interestingly, it also mentions that open insurance supports preventive supervision and enables more effective, data-driven oversight.
I’m looking forward to learning more about this. If you come across any information in English, please share it with me!
Read more here.
Consumer trust and data sharing in the age of Generative AI
Swiss Re paper surveyed 2,880 life and health insurance consumers from various age groups and backgrounds in China, France, Germany, Italy, Japan, the United Kingdom, and the United States to:
1. Assess their familiarity with artificial intelligence (AI) and generative AI (GenAI) technologies.
2. Understand how the increasing use of AI/GenAI by insurers is impacting consumer trust.
3. Examine how these factors influence consumers’ willingness to share data.
Key findings include:
1. Most consumers are using GenAI, but many are proceeding with caution.
2. Consumers largely trust how insurers process their data with AI tools, but a divide may be emerging.
3. Consumers are willing to share more information but want assurances that their data will be handled responsibly.
4. Many consumers are willing to share data in exchange for discounts, favorable conditions, or convenience.
Read more here.
European Digital Finance Association (EDFA) view on FIDA
European Digital Finance Association (EDFA) has just published its position paper on FiDA.
Key areas covered:
- Clearer principles for data compensation.
- Realistic and technically feasible consent management.
- Pragmatic implementation timelines.
- Standardised frameworks for cross-border data exchange and interoperability.
Read more here.
Final Report of the Expert Group on B2B data sharing and cloud computing contracts
According to Article 41 of the Data Act the Commission should recommend non-binding model contractual terms on data access and use (‘MCTs’) and standard contractual clauses for cloud computing contracts (‘SCCs’).
In 2022 the Commission set up the Expert group on B2B data sharing and cloud computing contracts to assist it with the development of the terms and clauses.
This expert group has now published its final report.
Read more here.
AI for Risk-Based Supervision
Risk-based supervision (RBS) has been the gold standard for financial sector supervision over the past two decades, promising to aid supervisors in fulfilling their extensive and constantly growing responsibilities with limited resources.
The remarkable advancement of AI in recent years, both in terms of performance and accessibility, promises to revolutionize numerous industries, including the financial sector.
The benefits of AI for financial sector supervision extend beyond the automation of some manual activities. Moreover, AI can enable supervisors to undertake processes that were previously considered too time-consuming or and impossible to perform at the previous stage of technological development.
Recognizing that the financial sector and its regulatory bodies are inevitably part of this ongoing evolution, the authors set out in this paper to examine the tangible impact of AI on the financial sector, with a particular focus on the supervisory perspective and the transition to an effective RBS regime.
The authors also attempted to forecast the medium- and long-term implications of AI on the roles and responsibilities of the financial sector supervisor.
This exploration seeks to enhance understanding of how AI is influencing the financial landscape and its implications for future regulatory practices.
Rear more here.
How can I help you?
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