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Introduction

There can be little doubt that the future is digital: Personal, social and business interactions are increasingly conducted online, whether via the internet or in the metaverse. This rapid shift in the perception, scope and scale of the digital space over the last 20 years has had—and will continue to have—a radical effect on many industries. For insurers, the impact is particularly transformative, not just in how they might transact business but also in how they understand, assess and price risk. Digital technology has the potential to generate substantial economic and societal benefits but can also give rise to challenges and potential costs to customers.2