Baidyanath Sharan, LLM, Chanakya National Law University, Patna
INTRODUCTION
The insurance industry has been rapidly evolving in recent years due to advancements in technology. Insurance companies are utilizing technologies such as big data and analytics, artificial intelligence and machine learning, blockchain, and the internet of things to streamline their operations, enhance their customer experience, and reduce costs1 & 2. The use of technology is transforming the way insurance products are designed, sold, underwritten, and serviced.
While these technologies have the potential to create new opportunities for insurers, consumers, and other stakeholders, they also raise significant legal and regulatory challenges3. Data privacy, cybersecurity, liability, and compliance are all areas that require attention and regulation4.
