{"id":500,"date":"2022-03-18T15:20:26","date_gmt":"2022-03-18T15:20:26","guid":{"rendered":"https:\/\/conferences.law.stanford.edu\/futurelaw2022\/?page_id=500"},"modified":"2022-03-31T22:56:48","modified_gmt":"2022-03-31T22:56:48","slug":"related-insurance-event","status":"publish","type":"page","link":"https:\/\/conferences.law.stanford.edu\/futurelaw2022\/related-insurance-event\/","title":{"rendered":"Related Insurance Event"},"content":{"rendered":"

Working Meeting, Computational Contracts: The Foundation For 21st Century Insurance Products<\/strong>
\nApril 6, 2022<\/strong><\/p>\n

The insurance industry is facing increasing pressures to digitize its business processes, creating computable insurance products. A critical element in this is the ability to automate insurance contracts, which play a central role in defining the bargain of the policy and in establishing the processes that govern claim administration. A \u201ccomputable contract\u201d is one that is specified in sufficient detail and clarity to provide unambiguous answers to questions about compliance of clearly specified circumstances with the terms and conditions of the contract. Computable contracts will provide the foundation for computer systems that support computable insurance products.<\/p>\n

The Stanford CodeX Insurance Initiative is exploring this field through a combination of research, application, and community building. This working meeting will explore the business, technical and regulatory opportunities and challenges that we need to consider in moving into the new world of digital insurance.
\nWe believe that developing computable insurance products, with automated computable contracts at their heart, will provide the foundation for a systematic modernization of all aspects of the insurance business. Potential benefits include:<\/p>\n