7324. Law, Regulation and Financing of Insurance Technology (InsurTech) Start-Ups

Insurance law has been important since before the underwriters at Lloyds provided insurance for oceangoing cargo at Edward Lloyd’s coffeehouse on London's Tower Street starting around 1688 (perhaps going back as far as the Phoenicians swapping cargos and one ended up short). Today insurance is a significant financial industry around the globe, but Insurance Law has developed around custom and practice in an industry built on written records. With the advent of process automation, exponential growth in processing power/storage, and easy (and often secure) internet access, technology is changing the fabric of the industry. Now, generative artificial intelligence, Big Data, and highly sophisticated modeling of natural calamities, are attempting to transform insurance and, as a result, Insurance Law.