MORGANTOWN, W.Va. – Life is old in West Virginia's Appalachian Mountains, but Mountaineers are introducing a series of audacious initiatives to welcome new, innovative financial technology (fintech) companies to the state.
In April, West Virginia became the only the second state in the U.S. to create a process for technology companies to transform the insurance industry (insurtech). The new insurtech process will allow businesses to offer innovative products and services in a controlled environment, under the supervision of regulators, that would not normally be permissible in the existing regulatory framework.
"The insurance industry is entering the digital age. Big data, artificial intelligence, machine learning, and other technology-enabled efficiencies are poised to rapidly transform the industry," said West Virginia House of Delegates Judiciary Committee Chair Moore Capito, who sponsored the West Virginia legislation establishing an insurance innovation process.
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