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This lecture will provide a reflection on the supposed changing nature of insurance. The growth of technology not only provides for a shifting risk pattern, with autonomous vehicles operating alongside humans, but in the delivery of insurance. Products (initially within the consumer sphere) promise to identify and resolve issues before the insured is even aware of the problem; to move insurance contracting to an instant ‘on’/’off’ model with cover only when needed, to support the ‘gig’ economy; and to enable the smart detection of fraud. At present, many of these products are at proof of concept stage, with limited licences to operate under the ‘FCA Sandbox’ initiative. But the mechanisms that they offer for the assessment of risk, for the management of claims, and for the ’embedding’ of insurance within consumer and commercial activity are said to be revolutionary.
In this talk, Professor Davey will identify the key elements of traditional insurance (from a lawyer’s perspective); the potential shifts to those paradigms from technology; and provide the context for the challenges for insurance regulation for the decades to come.