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INNOVATION

The BMA recognises the growing importance of innovation in the insurance and wider financial industry and the critical role that innovation plays in promoting efficiency and enhancing competitiveness in the market. It is to this end that the Authority launched two parallel innovation tracks: an Insurance Regulatory Sandbox (“Sandbox”) and an Innovation Hub, both initially targeted at insurance technology (InsurTech) companies.

Regulatory Sandboxes

The regulatory sandbox is an innovation track for companies looking to test new technologies or business models to a limited number of clients in a controlled environment and for a limited period of time. The regulatory sandbox is reserved for companies that will be undertaking licensable activities as defined under the Insurance Act 1978.

Participating Companies:

Company Name Sandbox Licence Project Overview Licence Expiry
AkinovA Innovative Intermediary - IA An electronic marketplace to transfer and trade insurance risks, enabling cedants and intermediaries acting on their behalf to transfer insurance risk to investors 26 March 2020

Innovation Hub

The innovation hub is an alternative track for companies looking to test new technologies or business models, similar to the regulatory sandbox, but is applicable for companies that are either:

  1. Not currently captured under either the Insurance Act (e.g. innovative product or service vendors)
  2. Not yet ready for sandbox or are still developing their Proof-of-Concept

Participating Companies:

Project Name Project Overview Company
RiCap BERMUDA A blockchain-driven electronic platform allowing brokers, insurance companies and reinsurers to do business in a single platform to improve business efficiency and cut frictional cost (phase 1), as well as build a private business network to access third party capital (phase 2 and 3) ChainThat Limited

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