Connecticut Insurance Commissioner Andrew Mais discusses the challenges and opportunities facing the insurance industry. While products like Long Term Care pose issues for the market, it is technology having the biggest impact on the industry.  He admits the “industry needs to change” fast enough to keep up. Both regulators and regulated need to adopt the new technologies available to benefits consumers and the industry as a whole.

Commissioner Mais says the Connecticut Insurance Department of Insurance has been at the forefront in assessing new technologies and innovation. The Department has set up an ‘”Insurtech Hub’ Hartford to encourage innovation. Internally, the Department is also using a number of technical tools to better monitor and regulate insurers. He singles out AAIS as a progressive service company providing tools to the regulatory community, and educating regulators and insurers  regarding emerging technologies like blockchain.

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