March 03, 2021 Feature

Insurtech in Underwriting and Claims Processing

Damian J. Arguello
GettyImages.com/OnBlast

GettyImages.com/OnBlast

Insurance coverage practitioners should familiarize themselves with the legal and ethical issues arising out of the emerging insurtech environment.

“Insurtech” is a buzzword that’s currently written about frequently but seldom truly understood. This article discusses some of the legal issues of which insurance coverage practitioners representing policyholders, insurers, and other parties should be aware. First, it discusses what insurtech is and the kinds of uses to which it is applied. Then it discusses five topics involving insurtech: blockchain, artificial intelligence (AI), security, the Internet of Things (IoT), and quantum computing. The acronym for these five areas—BASIQ—provides a useful shorthand for an introductory exploration of the rapidly evolving insurtech phenomenon and a foundation for practitioners to augment their expertise to better represent and counsel clients. Within each topic, this article discusses some of the associated legal and ethical issues.

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