The National Association of Insurance Commissioners has created an Innovation and Technology Task Force to help insurance regulators stay informed on key developments, including new products and services from startup companies, as well as established insurance industry players. "This is an important step in our efforts to increase our engagement in new and innovative technologies," Ted Nickel, NAIC president and Wisconsin insurance commissioner, said in a release. "Insurance regulators have a critical role to play in supporting innovation. This includes working with individuals and companies creating new product offerings and services to meet consumer expectations while ensuring consumers are adequately protected." Annual investment in insurance technology increased to more than $2.5 billion in 2016 and continued growth is expected in the coming years.