Des Moines and the state of Iowa are known as a global insurance hub, largely due to being the home of more than 200 insurance companies and a plethora of entrepreneurs - many focused on insurtech and fintech.
The Global Insurance Accelerator, Brokertech Ventures, the Global Insurance Symposium, and the Iowa Insurance Division provide unique opportunities for innovators and carriers to work together to improve the insurance ecosystem. The Iowa Insurance Division engages proactively with all innovators β startups or existing licensed entities β that may be piloting and otherwise implementing innovations.
Innovation is changing the business of insurance in all areas. Innovators are:
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Developing products that will be used by an insurance carrier for marketing existing products
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Offering new types of products that will be sold directly to consumers
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Expediting the underwriting and claims experience and
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So much more
With the primary goal of consumer protection, the Iowa Insurance Division can be a resource for all innovators as they change the insurance industry and experience for consumers. A best practice for all innovators is to communicate openly and candidly with the Iowa Insurance Division concerning the advent of newly developed technology.
Insurance Industry Innovators
The Iowa Insurance Division is committed to working with the insurance industry to achieve the goals of reducing the time and cost of presenting innovative ideas to market, enabling more products to be tested and, after allowing innovators to accumulate experience, offering flexibility to authorize a broader entry of innovation into the marketplace.
A best practice for all innovators is to communicate openly and candidly with the Iowa Insurance Division concerning the advent of newly developed technology to perform the fundamentals of insurance β operations, management, marketing, sales, advertising, licensing, underwriting, rating, classifications, policy forms and filing, compliance procedures and policies, claims handling, complaint handling, or any component thereof. The Iowa Insurance Division has the legal authority, and therefore the opportunity to the benefit of the innovator, to examine under strict confidentiality an innovatorβs proposed plan. All trade secrets and intellectual property will be protected by the Iowa Insurance Division in this process pursuant to Iowa Code 22.7 and may be held as confidential if filing through SERFF is appropriate.
If a company has an idea that is not ready for or would not go through the SERFF filing process, the Iowa Insurance Division recommends preparation of a concept document or other informational documentation to describe the innovation and its application. Information documents could contain the following information, if available:
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A description of the innovation.
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Anticipated benefits, whether for consumers, market competition, insurers, producers, or others in the business of insurance.
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Any anticipated business plan for piloting of the innovation, including if available, estimated time periods for market entry, controls for monitoring the test or pilot, and, if necessary, a time period and consumer protection controls for a market exit.
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Identification of any regulations that may require review or interpretation, including any requests to keep production confidential.
To discuss an innovative product, submit a concept document or for any questions, contact the Iowa Insurance Division at: innovation@iid.iowa.gov or 515-654-6570.
Insurtech Innovators
For those innovators who are seeking engagement with the Iowa Insurance Division as an insurtech (rather than through the traditional rate and form filing process), the Iowa Insurance Division recommends preparation of a concept document or other informational documentation to describe the innovation and its application. Information documents could contain the following information, if available:
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A description of the innovation.
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Anticipated benefits, whether for consumers, market competition, insurers, producers, or others in the business of insurance.
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Any anticipated business plan for piloting of the innovation, including if available, estimated time periods for market entry, controls for monitoring the test or pilot, and, if necessary, a time period and consumer protection controls for a market exit.
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Identification of any regulations that may require review or interpretation, including any requests to keep production confidential.
To discuss an innovative product, submit a concept document or for any questions, contact the Iowa Insurance Division at: innovation@iid.iowa.gov or 515-654-6570.