Speaking at an event in the Montreal Convention Centre yesterday, Eric Stevenson, the Superintendent of Client Services and Distribution Oversight at the Autorité des marchés financiers (AMF) was keen to reassure insurance brokers in Quebec about the arrival of Fintech in the industry.
In fact, Stevenson says that if the arrival of the technology is "an inevitable and irreversible trend" in the financial sector, it must be managed so that there a completely level playing field between the different players.
"I'd like to be able to identify measures that could be included in our regulations that would allow for the introduction of new business models, but in a way that is fair for everyone. There has to be equality between different channels, and the different business models need to be respected. It's a challenge for you," he told the brokers in his speech.
Stevenson also stressed that the players who are able to stand out from the crowd will be the ones who benefit most from technology. In his opinion, technological innovation is a trend that obviously affects the distribution of insurance, and the industry should evolve according to the needs of consumers, especially those of the Millennial generation.