It may not be Silicon Valley, but Hartford, Connecticut is a hub of startup activity. Hartford InsurTech Hub is an accelerator program that works closely with international InsurTech startups and corporate insurance companies, community stakeholders and insurance carriers in order to help shape the insurance industry through collaboration and innovation.
Companies like us need common sense rules if we want to continue innovating and creating jobs right here in Connecticut. That’s why we’re glad that one of our members of Congress, Sen. Richard Blumenthal, is playing a leading role in crafting federal privacy legislation that has the chance to establish clear rules of the road for companies while creating user protections that restore consumers’ trust in the Internet.
“It’s critical that lawmakers engage with startup companies from the Hartford InsurTech Hub
and others in order to make this goal a reality”
We at Hartford InsurTech Hub appreciate Sen. Blumenthal’s dedicated and bipartisan work on this issue and willingness to listen to the startup community’s perspective. The actions of large companies have dominated the conversation as to how consumer data should be used, stored, and collected, but companies like Hartford InsurTech Hub and other small businesses have an important voice to add to the privacy conversation.
We take data privacy seriously and assure that each startup understands all the regulations and requirements since many are from outside the US. This includes bringing in experts to review the details of the national and state regulations.
As we’ve seen with new privacy rules in Europe that went into effect last year, regulations designed to strengthen consumer privacy can have the unintended consequence of pushing smaller companies out of the market, ultimately benefiting the largest firms and squashing much-needed competition.
Sen. Blumenthal said at a hearing earlier this year that he believes it’s possible for a national data privacy framework to protect consumer data and ensure that innovation continues to thrive in a competitive market. In order to accomplish this admirable goal, it’s critical that lawmakers engage with startup companies from the Hartford InsurTech Hub and others in order to make this goal a reality.
Connecticut businesses have a lot to add to the conversation. We look forward to working with Sen. Blumenthal to help craft a federal data privacy framework that strengthens consumer privacy protections while promoting innovation and competition.