“The challenges posed by the pandemic to the insurance, supervisory and regulatory sectors have served as a catalyst for processes that have evolved over time but had not been considered a priority,” said the Deputy Chairperson of the Financial Supervision Commission, Head of the Insurance Supervision Department – Vladimir Savov, at the special event of the Tech21 series.

Vladimir Savov also said that in the first and most acute months of the Covid-19 pandemic, the high degree of digitalization is what is observed in the insurance sector and he believes that the process will continue and develop faster. He added that for the Financial Supervision Commission, as a regulator, the priorities that remain foremost are: to protect consumer rights as well as the financial stability of the insurance sector.

In conclusion, Mr. Savov drew attention to the risks that digitalization entails, such as cybersecurity, protection of personal data, non-disclosure of sensitive information, as well as possible digitalization of insurance supervision.