BMA talks on new innovation group encouraging insurance innovators

Bermuda has established an innovation group to help and encourage insurance innovators and would-be start-ups, the GR Innovation & Insurtech conference was told today.

Craig Swan, Managing Director, Supervision (Insurance) with the Bermuda Monetary Authority said his organisation, the BDA and the Bermuda Government all recognized the need to be pro-active in the insurance market.

Referring to one of his favourite sayings, Swan said: “If you are not moving forward, you must be moving backwards.”

Swan was giving a presentation on ‘Supervision, regulation and the impact of external influences in Bermuda’ and said that the BMA was one of just two regulators in the world that has preferential treatment on both sides of the Atlantic.

“For us to achieve sustained success, we must peek into the crystal ball and position ourselves to become and remain relevant,” said Swan.

“With Insurtech, what is the BMA doing to remain relevant? We have set up an insurance innovation group for insurance entities and would-be start-ups. We are in contact and dialogue with service providers.

“The BMA, the BDA and the Bermuda Government all recognize that if we do not proactively position ourselves before the Insurtech tsunami comes our way we will be among those jurisdictions left wondering what happened.”