SupTech in insurance supervision

The State of SupTech

The State of SupTech Report 2024 is out – the global benchmark on how financial authorities are adopting and scaling supervisory technology.

Now in its third edition, the report draws on data from 136 financial authorities, 23 solution providers, and a longitudinal sample of 221 agencies across 144 jurisdictions.

Key takeaways:

1. SupTech is shifting from experimentation to systemic deployment.
2. Authorities face challenges in procurement, data management, and AI readiness.
3. Evidence shows a tipping point where SupTech becomes core to supervision.

Packed with case studies, survey insights, and analytics, the report is a strategic guide for regulators and technologists advancing financial oversight through innovation.

Insurance supervision and SupTech

Insurance supervisors are gradually advancing in SupTech adoption, but progress is uneven.

1. 26% of surveyed authorities already use deployed applications, 15% prototypes, and 8% POCs.
2. The strongest use cases are automated data validation (44%) and advanced data handling (33%), streamlining reporting, consolidation, and visualisation.
3. Flagship examples include APRA Connect and EIOPA’s Data Point Modelling Studio & BI 2.0, with new projects in data quality and NLP launched in 2024.
4. More complex applications such as automated compliance auditing remain mostly at prototype stage.

Challenges remain: resource and capacity gaps, evolving regulation, and data quality issues, particularly in EMDEs. Still, interest and experimentation continue, reflecting momentum towards more technology-driven supervision.

This data comes from the recent Cambridge SupTech Report.

And I´m glad to see a paper on SupTech in insurance supervision I co-authored with colleagues some time ago still being referenced, especially on the challenges (which indeed remain highly relevant).

The takeaway: SupTech is no longer just for banking. Insurance supervisors are moving forward, but tailored strategies are essential to unlock its full potential.

SupTech, Savings and Investment Union Strategy (SIU) and FiDA

From an EU policy and innovation agenda perspective, this resonates strongly:

First, the Savings and Investment Union Strategy (SIU) calls for more efficient supervision, positioning the European Supervisory Authorities (ESAs) as data and technology hubs, as well as providers of SupTech tools.

Second, through API-based data exchange, FiDA could enable more responsive compliance and oversight via RegTech and SupTech solutions – supporting both innovation and the EU’s broader simplification agenda.

How can I help you on SupTech

I also support supervisory authorities in their SupTech implementation journeys – mapping current maturity, identifying gaps, and building actionable roadmaps to get from A to B. If this is something your organisation is considering, let’s talk (I also work with development banks).