The 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 Division concerning the advent of newly developed technology to perform the fundamentals of insurance – 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 Division has the legal authority, and therefore the opportunity to the benefit of the innovator, to examine under strict confidentiality an innovator’s proposed plan. All trade secrets and intellectual property will be protected by the 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 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:

  • A description of the innovation.

  • Anticipated benefits, whether for consumers, market competition, insurers, producers, or others in the business of insurance.

  • 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.

  • 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 515-281-4019.