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ARTICLE · 06 MARCH 2019

InsurTech: The Top Five Legal Issues To Consider

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The insurance market is changing rapidly, driven by shifting customer expectations and technology progress. IoT and connected devices are transforming the industry,

United KingdomInsurance

The insurance market is changing rapidly, driven by shifting customer expectations and technology progress. IoT and connected devices are transforming the industry, for example with the increasing use of telematics for motor insurance, wearable technologies and m-health apps for health insurance, and smart appliances and devices for home insurance. At the same time, customers expect to connect with their insurers constantly, with new apps and tools that facilitate smooth interaction.

InsurTech is the word commonly used to frame this change and represents the impact of ICT technologies (and, in general, digital transformation) in the insurance sector. InsurTech applications may allow, on the one hand, to set lower insurance premiums on traditional insurance products and services (e.g. car insurance) and, on the other hand, to develop new insurance products and services based on new IT-related risks.

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