AkinovA has been given a regulatory sandbox licence by the Bermuda financial services regulator BMA to enable transfer of (re)insurance risks.
By gaining this authorisation, AkinovA is permitted to operate through the innovative market infrastructure with the support of the BMA’s Innovative Regulatory Sandbox Regime.
The company has worked with the Bermuda authorities to access the licence following the launch of the sandbox in July 2018. The regime was created to let companies test new technologies and offer innovative products, services and delivery mechanisms to customers within a controlled ecosystem.
By attaining the authorisation, AkinovA can now enable cedents and intermediaries acting on their behalf to transfer (re)insurance risk to investors using its electronic platform. Additionally, the InsurTech can provide integrated news, data, analytics and communications to marketplace participants.
AkinovA is an independent electronic marketplace for the transfer and trading of (re)insurance risks. The platform aims to give quicker and simpler ways to match need with price, accelerate deal making and trading, and boost returns.
AkinovA chose Bermuda as its first regulated operating base due to the country’s willingness and desire to innovate within the insurance space, the company CEO Henri Winand said.
The Premier of Bermuda, the Hon. E. David Burt said, “One of the largest hurdles facing the global insurance sector is the challenge of bringing developments to market amid an insurance regulatory landscape that does not always provide the flexibility necessary to accommodate new concepts at the same speed as the technology develops.
“Technology-enabled innovations in the insurance industry aims to offer simpler products and streamlined customer experiences. The challenge for many insurance companies is to determine the best way to embrace the financial technology imperative given their strategic vision and business objectives.”
He went on to state the AkinovA team has an extensive experience set of insurance, capital markets and technology which will help it launch a successful electronic marketplace for the (re)insurance industry.