Regulation and technology are the biggest challenges facing insurers today. That, according to Fred Karlinsky, Co-Chair of the Insurance Regulatory and Transactions Practice Group at Greenberg Traurig.

On the regulatory front, Mr. Karlinsky notes a large amount of regulation affecting carriers at the federal and State level, as well as internationally at the IIAS (International Association of Insurance Supervisors). He includes cyber risk and other technology issues as critical to insurance companies and service providers. In the coming years, he believes technology will outpace regulation.

Mr. Karlinsky sees opportunities where the challenges are. Understanding regulations can be an advantage to companies who see opportunities within the scope of the regulation. He also believes companies that use technology to enhance their business will also see opportunity.

“Be involved.” That’s the advice Mr. Karlinsky gives to industry executives. Be involved with regulators, the government, and any entity that could regulate your business. Government is one of an insurer’s “biggest partners.” He also believes companies should be speaking to the millennials to understand what this generation needs. If you do not understand your customers, you may not survive

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