Once more “Capital” brought together the financial technology community at the traditional FinTech Summit.

Fintech entrepreneurs and innovators, visionaries, bankers, financial experts, representatives of companies from the country and abroad, as well as the central government and regulators discussed the future of the fintech sector, and how the global economic crises caused by COVID in 2020 turned out to be a stimulus for the development of financial technology.

“Technological advances offer the insurance industry tremendous opportunities to meet growing customer needs and regulatory requirements. More and more, maintaining competitiveness will mean that insurers have to keep up with the latest developments in insurtech, so that companies can ensure that they take advantage of the best possible technological solutions,” said Vladimir Savov – Deputy Chairperson of the FSC, Head of the Insurance Supervision Department in his opening speech at the Innovation in the Insurance Sector panel. He added that he “believes that we, as an insurance regulatory and supervisory body, need to address the following challenges in the near future:

• We need to understand how innovation works and is implemented to ensure an adequate assessment of new product and business models.
• We will also need to balance the risks of innovation with the benefits for policyholders and the insurance sector as a whole, and consider how to create the right environment to foster innovation. In other words, we need to find a balance between fostering innovation and protection against the negative aspects of any potential customer and business disruptions.
• We will need to assess and, where appropriate, adjust the regulatory framework, especially on the part of market behaviour, in order to adequately deal with changing risks and business models.
• We will need to organize the appropriate capacity – technical resources, knowledge and skills – to be able to respond to and monitor FinTech solutions in the future.

In conclusion, Mr. Vladimir Savov assured the conference participants that “The Financial Supervision Commission is fully committed to its strategic goals, namely to protect consumers of financial services, maintain the stability of the non-banking financial sector and promote business development. We will strive to apply the same principles in building and maintaining an adequate understanding of financial innovation. In this way, we intend to strengthen cooperation with stakeholders, first and foremost with the insurance sector.”