The impact of technologies on insurance industry is beyond doubt as its adoption has been on a steady rise over the past few years. However, COVID-19 unexpectedly created many challenges for industry players and laid a testing ground for technology to prove its value. Financial regulators also have a role to play in maintaining market stability and facilitating market development during this pandemic period.
Mr. Erwin Chak, Senior Manager of Policy and Development Division of the Insurance Authority (“IA”), will share with the audience on the regulatory framework of the insurance sector, recent development of Insurtech in Hong Kong and the IA’s vision on such development during this unprecedented period.
About the Speaker:
Mr. Erwin Chak joined the former Office of the Commissioner of Insurance in 2011 as a Senior Manager before he joined the Insurance Authority in 2017. His experience with the insurance regulators has covered on-site inspection of insurers, setting of a framework of a risk-based capital regime and international affairs with standard-setting bodies like the International Association of Insurance Supervisors, International Monetary Fund and Financial Stability Board. He has also been heading the Insurtech Facilitation Team to facilitate the development of Insurtech in the insurance industry since 2016.