Insurance Authority shares regulatory insights at the Hong Kong FinTech Week

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29 October 2024

The Insurance Authority (IA) today (29 October 2024) unveiled the InsurTech Forum, an event co-hosted with Invest Hong Kong on Day 2 of the Hong Kong FinTech Week 2024 to gather industry leaders and technology experts for insightful dialogue.

Mr Clement Cheung, Chief Executive Officer of the IA, pinpointed in his keynote presentation the dire consequences of ignoring climate change and cybersecurity threats. He also touched upon efforts being made to foster an ecosystem for insurance-linked securities, introduction of the Cyber Resilience Assessment Framework under the Guideline on Cybersecurity to bolster operational resilience and commission of a survey on artificial intelligence (AI) adoption in the insurance sector.

Outlining the pragmatic approach embarked on by the IA in promoting wider adoption of AI, Mr Cheung stressed that “Although Al is a powerful tool capable of producing positive results in client acquisition, policy underwriting, customer service, claims settlement and fraud detection, it must be complemented by human oversight”. “Our immediate priority is to put in place a robust but flexible regulatory framework to spur the fair, transparent and ethical use of AI”, he added.

The InsurTech Forum featured panel discussions on a wide range of interesting topics that include AI, data analytics and next generation of innovation. More details about the Hong Kong FinTech Week 2024 are available at its website.

Ends

Mr Clement Cheung, Chief Executive Officer of the Insurance Authority, delivers the keynote presentation at the Hong Kong FinTech Week 2024.


Mr Clement Cheung, Chief Executive Officer of the Insurance Authority, unveils the InsurTech Forum, an event co-hosted with Invest Hong Kong on Day 2 of the Hong Kong FinTech Week 2024.