InsurTech in Italy: opportunities, risks and applicable regulation

Abstract

InsurTech is an economic and legal phenomenon concerning the application of new technologies and, in particular, Artificial Intelligence, to the insurance sector. The phenomenon is emerging not only in the international and European panorama but also in the Italian one. In this regard, the paper describes the development of InsurTech in the Italian Legal system and analyse the state of the art of its regulation. The focus of the paper is on the relationship between Artificial Intelligence and the insurance sector, in specific concrete areas of application: firstly, the change of the insurance sector thanks to the spread of new technologies, as Internet of Things (IoT), and, secondly, the insurance sector applied to Artificial Intelligence devices, such as the case of driverless cars and that of software as a medical device (SaMD). Finally, the paper discusses the perspective of the insurance sector in the light of the AI evolution.