Bermuda’s financial services regulator BMA has granted the first insurance regulatory sandbox licence to AkinovA.
The company will now be able to carry out business using its electronic trading platform under the regulator’s new regulatory sandbox regime.
The licence authorises AkinovA to enable cedents and intermediaries acting on their behalf to transfer re/insurance risk to investors using its electronic platform.
Furthemore, AkinovA will be able offer integrated news, data, analytics and communications to marketplace participants.
This licence has been granted under the new legislative framework, which came into effect in July last year.
The new legislative framework is designed to enable startups to test new technologies and offer products, services and delivery mechanisms to clients in a controlled environment.
AkinovA CEO Henri Winand commented: “We selected Bermuda as our first regulated operating base because of their willingness and desire to innovate within the insurance sector.
“The regulators understood, right from the word “go”, the need to establish an appropriate regulatory framework for what AkinovA is building for its users, to ensure AkinovA’s independence as an infrastructure provider and a digital marketplace.”
The Premier of Bermuda David Burt said: “One of the largest hurdles facing the global insurance sector is the challenge of bringing developments to market amid an insurance regulatory landscape that does not always provide the flexibility necessary to accommodate new concepts at the same speed as the technology develops.
“Technology-enabled innovations in the insurance industry aims to offer simpler products and streamlined customer experiences,” he explained.
“The challenge for many insurance companies is to determine the best way to embrace the financial technology imperative given their strategic vision and business objectives.”