By InsuranceAsia News Staff, InsuranceAsia News | October 5, 2018
Taiwan’s Financial Supervisory Commission chairman Wellington Koo has said the regulator is investigating the advantages and disadvantages of online insurance companies.
In the age of insurtech, such companies are becoming more popular in Asia with the likes of Aviva-backed Blue launching in Hong Kong last month.
Among the top concerns that are being examined is how these firms will manage their risks. Koo commented that P&C insurers would have a better chance than life firms, however the P&C market is extremely competitive.
The agency also raised the issue of whether people really need new web-only insurers when they can already purchase insurance products online. Koo said that companies showing creativity and innovation have a greater chance of gaining permission.
To replace traditional identification methods, the Insurance Bureau has started researching biometric identification using finger and voiceprints, as well as facial and retinal scans.