Episode #128
January 10, 2024
Protecting Consumers And Regulating A $22 Billion Industry
With Scott Kipper from the Nevada Division of Insurance
SPONSORED BY
Scott Kipper from the Nevada Division of Insurance shares his expertise and insights on protecting consumers and regulating a twenty-two billion dollar industry. Learn tips and tricks on ensuring the future of consumer protection through driving innovation and fostering collaboration.
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Regulation for Consumer Protection
In this week’s episode of the InsurTech Geek Podcast: Scott Kipper Insurance Commissioner of the Nevada Division of Insurance discusses with James and Rob Galbraith the Impact of insurtech in regulations and at the same time, how regulations can be impacted by technology.
The conversation starts covering how Scott got into insurance and how he ended up in his current position. Kipper emphasizes the challenge of keeping up with technology in the commissioner’s office.
The top priority or mission, he states, is twofold: that Nevada’s consumers are protected and to protect companies’ solvency. That’s where he says technology plays a big part in assessing potential risks. “There are new vehicles for investment in technology” he notes.
Both hosts and Scott established that in the InsureTech Connect, there was a Lack of traditional carriers which in turn made them all refer to the role of tech to further the use and sale of insurance.
After being asked about his Panel Empowering the Future, Scott Kipper cited two pillars as a baseline to do his work:
- State-based regulation, which according to him is the utmost consumer protection to regulate insurance a little bit more at a federal level.
- Specific problems in Nevada that need specific regulation: wildfires, and a lot of people driving in a very confined area. “We understand consumer issues in Nevada than other federal agents. It’s very important for us to regulate this at a state level.”
When asked about the current state of regulation and the role of technology in its future Scott answered that in the regulatory space: “We are confronted with 21st century challenges as far as insurance is concerned. Our regulatory framework is based on 20th century thinking so for us to really do our consumers what they deserve, we need 21st century thinking and 21st century technology”.
Tune in to hear this discussion in full length and don’t miss any insights!