Insurance: some barriers can be overcome through digitalization

Laurence HONTARREDE Chief Strategic and Marketing officer, BNP Paribas Cardif [vc_btn title= »Download the article » style= »outline » color= »blue » align= »right » i_icon_fontawesome= »fa fa-file-pdf-o » add_icon= »true » link= »url:http%3A%2F%2Fconfrontations.org%2Fwp-content%2Fuploads%2F2016%2F07%2FInterface105EN_BNP.pdf||target:%20_blank »] While some obstacles may be easy to overcome to improve cross-border supply of insurance products, others are more difficult to apprehend: On the one hand, differences in national legislation, like civil law, insurance contract law, taxation, which is an important barrier preventing from directly providing financial services cross-border. Differences relating to insurance fraud may also play a role in the decision to offer products cross-border. On the other hand, insurance products are designed in function of the environment of the country in which the product is to be sold: product design, risk pricing, claims handling and support are all influenced by the local market and regulatory conditions. A decision to enter a foreign market therefore requires an extensive understanding of and compliance with the regulatory and supervisory requirements of