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This Application Paper seeks to provide guidance to supervisors, regulators and policymakers when considering, designing and implementing regulations and supervisory practices with respect to the use of digital technology in inclusive insurance. Whilst the primary focus of this paper is on building inclusive insurance markets, some considerations and suggested approaches could also be of interest to supervisors outside the inclusive insurance field. As well as considering the use of digital technology in inclusive insurance, this Application Paper examines aspects of FinTech and InsurTech relating to inclusive insurance. This Application Paper provides guidance on the following issues:

  • description of the typical inclusive insurance market and the typical inclusive insurance customer. This explanation is provided to offer context of the environment within which the supervisor is operating;

  • description of the use and implications of digital technology within inclusive insurance markets, thereby portraying the context within which the ICPs should be proportionately applied; and

  • concrete application guidance on the relevant ICPs, regarding the use of digital technology in inclusive insurance. Where relevant, examples of observed practices have been included.