Smart contracts have the potential to automate a wide range of manual processes in the insurance industry (including asset tracking and insurance claims settlement), and to enable insurance industry participants to better mitigate fraud risk, more efficiently price insurance coverage and to design personalized insurance offerings that better suit the needs of insureds. For policyholders, however, “smart” insurance policies are not without risk. As the insurance industry explores and develops the use of smart insurance policies, it behooves risk managers and in-house counsel to begin to understand the opportunities and pitfalls of this new technology.

What are Smart Contracts?

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