4 key areas to help you develop your InsurTech digital strategy in new IIL publication

In this video, you can listen to Charlotte talking through Part 3 of the book, Legal and regulatory implications, from the recent book launch held by the IIL. She takes you through the four chapters within part 3, including chapter 12 InsurTech regulation, which she wrote.

• Chapter 10: Data and data regulation
  Includes information on: data advances and some use cases in relation to pricing, sales and distribution and claims; different jurisdictional points including the GDPR and the US position.

• Chapter 11: Data ethics
  Looks at new data points, the consequences of those (including bias), what happens with data ownership, who might own that data, and how we assist in the governance of that.

• Chapter 12: InsurTech regulation
  Gives an overview of the key regulatory points for consideration. It provides a helpful overview of points to consider from two broad perspectives: for those within established insurance businesses and for new and scaling firms. You’ll find a commercially focussed summary of what’s important to those entering into the world of Insurtech, and what business leaders should think about when entering into and developing commercial relationships.

• Chapter 13: Cyber
  Provides an overview of the types of risk that can arise, including examples of some high-profile cyber incidents, consequences of cyber attacks, such as claims investigations and reputational damage, as well as how to prevent some of these issues through governance, particularly when working in partnership with other entities.

Background to the book

Over recent years, the insurance industry has seen the application of new technology such as automation, artificial intelligence, blockchain, big data, and chatbots. These offer benefits, including reduced costs, improved customer experiences, and greater accuracy in pricing, reserving, and fraud identification.

Whilst some insurers have already established digital strategies, others are still in the early stages of development. The book is aimed at those involved in the development of digital strategies who may not have prior experience in this area. As a reference-style book, it supports on-the-job learning and professional development by providing quick access to key information about the most important InsurTech topics.

The book is split into four parts for easy referencing:

1. Introduction to InsurTech
2. Introduction to technology
3. Legal and regulatory implications
4. The future for InsurTech

You can find out more about the research paper or purchase you own copy, on the IIL website.

Our Financial Services Regulation team here at Capital advise on all aspects of InsurTech regulation and can assist you and your business in navigating this complex area. If you are a start-up, or scaling business, looking for an efficient way to access the commercial legal advice you need, quickly and without fuss, we can help. Get in touch with our Financial Services Regulation experts.