Improving the success of InsurTech opportunities

Bruce, Debin; Avis, C.; Byrne, Matt; Gosrani, V.; Lim, Z.; Manning, J.; Popović, Dejan B.; Purcell, Rod; Wang, Qin

doi:10.1017/s1357321718000296

Cited by 5 publications

(2 citation statements)

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“…In the “ Improving the success of InsurTech opportunities ” paper (Bruce et al , 2019), the working party created a timeline and checklist which considers how risk management activities can help with the implementation of InsurTech solutions. In this paper, considerations specific to the risks of adopting blockchain/DLT solutions are provided.…”

Section: Guide To Adopting Blockchain Solutionsmentioning

confidence: 99%

Understanding blockchain for insurance use cases

Popović¹,

Avis²,

Byrne³

et al. 2020

Br. Actuar. J.

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Insurance industry practitioners have deep knowledge of their industry, but there is a lack of a simple-to-understand, practical blueprint on applying distributed ledger technology solutions, including blockchain. This paper provides a practical guide for actuaries, risk professionals, insurance companies and their Boards on blockchain, including an education piece to provide an understanding of the technology. Examples of real-world applications and use cases in insurance are provided to illustrate the capability of the technology. The current risks and challenges in adopting the technology are also considered. Finally, a checklist of issues to consider in adopting a blockchain solution for insurance business problems is provided.

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Section: Guide To Adopting Blockchain Solutionsmentioning

confidence: 99%

Understanding blockchain for insurance use cases

Popović¹,

Avis²,

Byrne³

et al. 2020

Br. Actuar. J.

Self Cite

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“…The combination of words specific to various industries with technology can and generally does mean that these industries have entered the world of technology in earnest, which is reflected in the transformation of some of their services and products from the analogue to the digital world (Szostek, 2019). The same is happening with the insurance market (Bruce et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

InsurTech and private international law considerations

Załucki

2023

JoMS

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ObjectivesInsurTech is a new and interesting phenomenon, linked to the use of new technologies, such as artificial intelligence or distributed ledger technology, in the insurance sector. The factual and legal nature of relationships in this area, due to their heterogeneous and complex international character, raises many questions. Some of these relate to private international law, where conflict situations raise questions such as which law (the law of which state) is the substantive law applicable to resolve these situations. Presenting the complexity of this area, this statement describes possible solutions and reflects on the need and potential of applying private international law in the InsurTech sector. It introduces the InsurTech phenomenon, presents its links with private international law, reflects on the adaptability of existing mechanisms of this law to highly technological legal relations, and concludes by an attempt to indicate how to combine InsurTech and private international law, and whether this is possible at all.Material and methodsThe work was written using standard scientific methods for legal science. It is primarily a dogmatic work, but also reaches for comparative legal elements. This choice of methods is justified by the presented issues.ResultsThe result of the research is an assessment as to the possible use of private international law tools for the problems that arise with InsurTech instruments.ConclusionsThe author points out that the currently known private international law instruments are not suited to the modern requirements of the insurance services sector, especially in the context of the use of artificial intelligence or DLT technology (blockchain, smart contract) in the sector.

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