Insurtech will test its service in the regulatory sandbox in Lithuania
The Bank of Lithuania has issued the first license to take part in the regulatory sandbox. The license was granted to Workpower – a company which created an online platform peer-to-peer to sell insurance.
The platform designed by Workpower will connect people. Thanks to that they can share insurance.
Workpower will test its project over 6 months with the possibility to lengthen it to 12 months. As the company announced during the testing period clients can insure their tablets and smartphones. Workpower will offer several variants of the product.
“We believe that insurance services peer-to-peer may become an innovative way to protect clients’ needs. Testing of this innovation in the live environment will help us to evaluate the threats connected with its functioning”, said Marius Jurgilas, a member of the Bank of Lithuania board.