Insurance companies need to move fast but not too fast when it comes to insuretech and accelerated underwriting, according to a new paper authored by industry attorneys Lisa Bondurant and Brendan White. The paper discusses why and how the insurance industry should analyze the potential benefits and drawbacks of new technology used to increase underwriting efficiency. The paper also highlights available technology and the changing landscape for insurers, and the potential legal issues created by insuretech and accelerated underwriting, including rescission.
Issues discussed in the paper include:
- Regulatory barriers
- Data security
- Post-claim underwriting conflicts
- E-signature risk
- Potential liabilities of insuretech
About the Authors
Lisa Bondurant leads Womble Bond Dickinson’s Insurance Sector and has more than 30 years of experience representing multinational insurance and financial services companies in state and federal courts. Her clients include some of the nation’s largest insurance companies, and her experience includes liability and coverage disputes under a myriad of policies and products. She handles matters involving ERISA benefit and fiduciary liability life and disability claims. Lisa represents employers in claims under ERISA and the Americans with Disability Act. She also represents employers and insurers in cases involving bad faith and extra-contractual liability. Lisa has become a go-to litigator for cases to be mediated or arbitrated.
Brendan White is member of the Business Litigation Practice Group, where his work includes complex litigation regarding insurance claims as well as mortgage and foreclosure matters pending in both state and federal courts. Brendan also has experience working with clients in consumer finance litigation and representing clients in regulatory and compliance investigations brought by the Consumer Financial Protection Bureau.