25 January 2022
GFIA has published a set of key principles related to the use of innovative technology by supervisory agencies to support supervision (suptech).
As within the insurance sector itself, using technology for insurance supervision has the potential to streamline processes, reduce costs and lead to better-quality services. At the same time, new technology can also create new risks and unintended outcomes.
In general, the use of suptech should be in line with general supervisory conditions, such as materiality and proportionality. Additionally, the following six principles can help supervisors to maximise the expected benefits, while minimising the risks of using suptech: