The insurance sector is currently undergoing extraordinary transformation, driven predominantly by digitalisation. These advances pave the way for new insurance products as well as new ways of providing insurance and carrying on insurance business.
Stricter legal requirements in the insurance industry
Regulatory requirements applying to insurance companies are ever-increasing, and many feel that the pace of development has outdistanced the legislative process. For instance, who is responsible for damage or injury caused by an error made by a robot? How are products such as pay-per-use insurance regulated and managed in accordance with the IDD and the GDPR? And how should collection of and responsibility for data be addressed when the focus of insurance companies, for example, shifts from pay-out to prevention?
However, the basic legal disciplines and basic tasks involved have not changed. Regulation must be defined and complied with, companies established and managed, cases processed, disputes resolved and responsibility assigned or defended.
