We were invited to attend the first meeting of the Ministry of Finance’s new FinTech & InsurTech Working Group. The group — comprised of representatives from the P&C Industry, Life Insurance Industry, FSRA and the tech sector — aims to support and advance InsurTech growth and innovation in Ontario. This roundtable discussion focused on how the MFO can bolster innovation in the insurance sector, including creating a Regulatory Sandbox.
“The discussions were very productive. Participants gave feedback on how the MFO could and should support FSRA in creating an innovative environment for all to flourish,” said IBAO CEO Colin Simpson.
The topics included existing issues within our respective financial services sector, specifically relating to the end consumer. There was also an emphasis on what role the government should play in this field — whether it should boost innovation with existing players, attract new players to the industry or both; and what boundaries the government should give to the regulator (FSRA) to avoid stifling innovation.
“The output of the meeting is currently being collated by the MFO and will be made available to all participants shortly. The IBAO very much looks forward to taking a leading role in these discussions as we move forward,” said Colin.