Speaking during a panel discussion at the National Insurance Conference of Canada (NICC) in Quebec City, Mirkovic was asked if InsurTech would serve as friend or foe to the traditional insurance industry.
“If you’re on the carrier side, I think it’s a friend that pushes you to do things you wouldn’t normally do, like going skydiving or bungee jumping—something along those lines,” he said. “If you’re on the distribution side, it really is a foe. It’s going to change the way that insurance is distributed, regardless of how complicated you think the insurance product is.”
Mirkovic noted that digital signatures have already changed the industry, and suggested that industry members who don’t follow suit could get left behind.
“If you can’t accept electronic signatures, you better get working on it right now because it’s commonplace within the InsurTech world,” he said. “If a bank can give you a mortgage and you can buy a house without ever giving a wet signature, why is insurance any different?”
Eric Stevenson, superintendent, client services and distribution oversight at the Autorité des marchés financiers, expressed optimism that distributors of insurance will adapt to changes taking place in the industry.
“There’s probably a bit more of a challenge there for [distributors], but I’m pretty confident that intermediaries will also take advantage of the [new] technology,” said the superintendent of Quebec’s financial services regulator.
This story was originally published by Canadian Insurance Top Broker.