COVID-19 | Official online Resource and News Portal. For more information, visit www.sacoronavirus.co.za

Regulating for responsible data innovation: the role of insurance regulators in dealing with risks relating to consumer data protection and privacy

Data innovation is challenging the traditional role of insurance regulators. Two major dilemmas emerge that insurance regulators and indeed all financial sector regulators face when confronted with how to regulate consumer data: 1. They must tread the balance to achieve positive consumer outcomes, by both enabling data-driven innovation but still protecting consumers from the risks that arise 2. They must protect consumers within their sector from the risks that arise even though they do not have sole regulatory oversight over the collection, storage and use of consumer data, which cuts across society.

This study by aii considers each of these dilemmas and explores the options available to regulators to achieve their objectives given these challenges.

Sarah Corley
Sarah is Deputy Director at DFI and is responsible for developing the DFS profession and providing opportunities for capacity building outside of our online course provision. She has over 20 years of experience within the learning and capacity development within the development and health sector, and is passionate about being a catalyst for change.

Leave a Reply