Insurance regulators are charged with ensuring a well-functioning market and that consumers are protected. This balanced approach has functioned well, yielding overwhelming consumer choice and innovation within a space that is often overlooked. It is a tried-and-true trope to decry the challenges that regulation has brought to innovation within the insurance space, but in reality the market shows something completely different: new products, services and innovation is growing. This is occurring because those who seek to bring new technology and innovation into a regulated space are doing it in a collaborative way, ensuring that their innovation has an immediate positive impact on the market and rapid availability to consumers.
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