b"SEQUEL HAROLD MAHADEWBOOSTING THE INNOVATION ENGINE (legal) scope, it is wise to start with the claims Mahadew: 'Globally, we are living in an era of rapidsector. We already see good examples, but technological change, which brings about a lotopen insurance has yet to encompass the entire of innovation. Technology has its advantages,financial sector and other industries. One thing but it also carries risks. It's about finding theis certain, open insurance will have a significant right balance. In a data-driven internationalimpact on the Dutch insurance market in the environment, new propositions are beingcoming years. And this applies not only to insurers developed at a rapid pace. Insurtechs play a keybut also to intermediaries.'role in this process. Although innovation is high on the agenda within the insurance market, DutchCONTROLLED TESTING GROUNDcustomers have not yet witnessed groundbreaking'To accelerate innovation, as the Association, innovations in data-driven products or newwe strive to eliminate barriers related to laws, services. This needs to change, which is why theregulations, and supervision. This creates ample Association has designed an individual innovationroom for experimentation with data and the program in collaboration with Plug and Playdevelopment of new products, for example. InsurTech to support insurers in this regard.Currently, that space is too limited, and it is Now more than ever, Dutch insurers need tocrucial to drive innovation forward. Internationally, strategically analyze how they can enhance valuethe Regulatory Sandbox or a controlled testing for their customers and develop new data-drivenground has already proven to be highly successful. business models. They can achieve the much- Therefore, we advocate for a Dutch Regulatory needed innovation by fostering internal innovationSandbox. New technologies or innovative business within their organizations, but a faster route is tomodels often do not fit within the existing legal collaborate with both existing and new players.framework and oversight. Market participants Internationally, there is extensive collaborationare often told that it is not possible within the with InsurTechs, or insurers invest in startupscurrent framework. A highly regulated sector like themselves. Following the path of successfulthe insurance market would benefit from a testing collaborations, the insurance market couldground where companies can innovate with real take inspiration from the traditional automotivedata. Through collaboration with InsurTechs, industry, which has rapidly innovated in recentfor example, insurers can receive a boost to years through partnerships with small startups.' accelerate this innovation. The Dutch customer deserves it. And for regulators, this represents OPEN INSURANCE a golden mean between protection and control Mahadew continues: 'Open insurance is relativelyon one side and innovation on the other,' says new in the Netherlands, but countries likeMahadew.Australia and New Zealand have been working on it for a while. There is European legislation in development focused on open insurance. By sharing data, both within and outside the insurance market, innovations that aim to create value for the customer can be accelerated. The Association supports data sharing, provided there are adequate safeguards, such as explicit consumer consent and a level playing field, incorporated into the legislation. In terms of the 48 BHB DULLEMOND"