PA Insurance Department launches innovative insurance products program

Regional News

FILE- In this Jan. 15, 2019, file photo an America flag flies at the Pennsylvania Capitol building in Harrisburg, Pa. (AP Photo/Matt Rourke, File)

HARRISBURG, Pa. (WTAJ) — The Pennsylvania Insurance Commissioner announced a new program within the Pennsylvania Insurance Department (PID) that will encourage the insurance industry to “deliver innovative new insurance solutions and products.”

Commissioner Jessica Altman said Keystone Smart Launch (Smart Launch) will help reduce barriers and speed up the regulatory process so Pennsylvania can offer cutting-edge services to its consumers and industry professionals.

“The Smart Launch program is open to both regulated and non-regulated entities in the Commonwealth looking to introduce novel insurance products and services in Pennsylvania,” Altman said in the press release. “Bringing a new product to the market can be a frustrating process, but Smart Launch will make it easier to navigate the regulatory considerations and challenges that can bar progress and innovation.”

It’s reported the program was created by PID to provide a forum to discuss innovative products, programs or service ideas and is open to insurers, entrepreneurs, service producers and anyone looking to bring an innovative insurance product or service to Pennsylvania.

Ideas can be submitted through the Smart Launch Idea Portal, the release said. Once submitted, the ideas go through an internal review by the Smart Launch team.

The internal team will reach out to the submitter to provide information regarding the regulatory process and highlight potential considerations regarding consumer protections.

“Despite the challenges that the Commonwealth, and the world, has endured during the ongoing pandemic, Pennsylvania’s insurance market continues to introduce pioneering new insurance products and solutions,” Altman said. “PID is proud to support innovation in the industry and hopes to better serve both Pennsylvania insurance companies and consumers with this new program.”

For more information about the Keystone Smart Launch program, head to the PID’s website under their Smart Launch page.

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