The Pennsylvania Insurance Department (PID) has launched a new program that aims to encourage the insurance industry to deliver innovative insurance solutions and products.
Keystone Smart Launch seeks to help reduce barriers and speed up the regulatory process so Pennsylvania can offer new services to its consumers and industry professionals.
“The Smart Launch program is open to both regulated and non-regulated entities in the commonwealth looking to introduce novel insurance products and services in Pennsylvania,” Pennsylvania Insurance Commissioner Jessica Altman said in a PID press release. “Bringing a new product to the market can be a frustrating process, but Smart Launch will make it easier to navigate the regulatory considerations and challenges that can bar progress and innovation.”
The Smart Launch program was created by PID to provide a forum to discuss innovative products, programs or service ideas and is open to insurers, entrepreneurs, service providers and anyone looking to bring an innovative insurance product or service to Pennsylvania.
Smart Launch encourages submissions of insurance products and services that use newly developed designs or technologies, including ones that may depart from the traditional regulatory framework.
Ideas can be submitted through the Smart Launch Idea Portal. Once submitted, the ideas go through an internal review by the Smart Launch team, comprised of individuals within PID who have the experience necessary to provide feedback on ideas that may impact Pennsylvania’s insurance market.
The internal team will reach out to the submitter to provide information regarding the regulatory process and highlight potential considerations regarding consumer protections.
“Despite the challenges that the commonwealth, and the world, has endured during the on-going pandemic, Pennsylvania’s insurance market continues to introduce pioneering new insurance products and solutions,” Altman said in the release. “PID is proud to support innovation in the industry and hopes to better serve both Pennsylvania insurance companies and consumers with this new program.”
Source: Pennsylvania Insurance Department
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