EXAMINING THE LEGAL IMPLICATIONS AND REGULATORY CONSIDERATIONS ASSOCIATED WITH THE INTEGRATION OF TECHNOLOGY AND DIGITAL PLATFORMS IN THE INSURANCE INDUSTRY, INCLUDING DATA PRIVACY, LIABILITY, AND STANDARDIZATION

AUTHOR – SUPRANA CHAKRABORTY, STUDENT AT NATIONAL FORENSIC SCIENCES UNIVERSITY

Best Citation – SUPRANA CHAKRABORTY, EXAMINING THE LEGAL IMPLICATIONS AND REGULATORY CONSIDERATIONS ASSOCIATED WITH THE INTEGRATION OF TECHNOLOGY AND DIGITAL PLATFORMS IN THE INSURANCE INDUSTRY, INCLUDING DATA PRIVACY, LIABILITY, AND STANDARDIZATION, ILE JOURNAL OF BANKING AND INSURANCE LAW REVIEW (ILE JBILR), 1 (1) of 2023, Pg. 5-13, APIS – 3920 – 0052 | ISBN – 978-81-964391-3-2.

I.  Abstract:

Insurtech, or the incorporation of technology and digital platforms in the insurance sector, has swiftly revolutionised the way insurance products and services are delivered, opening up new opportunities and posing new obstacles. The legal ramifications and regulatory considerations related with the integration of technology and digital platforms in the insurance sector, including data protection, responsibility, and standardisation, are examined in this research paper. The study opens with a thorough assessment of the literature, delving into current research that has investigated the convergence of Insurtech and regulatory problems. This review reveals gaps in current research and emphasises the need for additional investigation in this topic.

It also investigates the transformative consequences of Insurtech on traditional insurance practises, as well as the regulatory ramifications. The legal ramifications of Insurtech integration are thoroughly examined, with a focus on the regulatory issues and considerations that come with this technological transformation. The role of regulatory agencies in adapting to Insurtech is discussed, as well as the legal frameworks and policies that regulate Insurtech operations. Compliance standards and obligations for Insurtech firms are also thoroughly explored. Data privacy is a key concern in the Insurtech industry. This article looks into the collecting and use of personal data in Insurtech applications, highlighting privacy problems and challenges. It dives into the legal foundations for data protection in the insurance industry and provides insights into various data privacy requierements.

This research paper contributes to a better understanding of the legal consequences and regulatory problems connected with technology and digital platform integration in the insurance business. It provides vital insights for policymakers, regulators, and industry experts as they navigate the growing Insurtech sector and foster a regulatory framework that balances innovation, consumer protection, and compliance.

II Keywords – Insurtech, regulatory hurdles, legal ramifications, technological integration, digital platforms, data privacy, liability, standardisation.