Insurance business is a very old one and it is highly prone to disputes and counter claims. Even straight forward insurance claims get struck into litigation and delayed settlement. This frustrates the whole purpose of getting an insurance cover. In many cases the insurance companies have to check the veracity of the claims made by the insured. Many fraudulent insurance claims have been found by insurance companies around the world. The bottom line is that insurance business is a dispute prone business and traditional litigation is not the answer to this problem.
Now add the element of technology and cyberspace to it and you would see a totally new breed of insurance business. For instance, cyber insurance is a new field and it is gaining momentum every year. However, neither the insurance companies nor the insured individual/organisation understands the true impact and legal implications of cyber insurance. It is a dispute prone area and we need to create “Techno Legal Solutions” for this problem in advance.
We at Perry4Law Organisation (P4LO) and PTLB have been managing Techno Legal issues of Cyber Law, Cyber Security, Cyber Forensics, Cloud Computing, Cyber Attacks, Conflict of Laws, etc since 2002. In the year 2004 we started exploring the use of Online Dispute Resolution (ODR) and E-Courts in India. But as the concepts are still maturing there was little interest in use of ODR and E-Courts in India. The same is the position in other countries though some developed countries are slightly better situated in the fields of ODR and E-Courts.
The year 2019 is a landmark year for P4LO and PTLB as we launched legal entities named PTLB Projects LLP and TeleLaw Private Limited to transform LegalTech, TechLaw, EduTech and similar industries. Our strategy and approach is totally different than the existing stakeholders in this regard. We believe that a skilled workforce and team is the best solution an entity can provide. So instead of low end legal and LegalTech works, we are aiming at something that is very crucial. We are not only providing domain specific and highly specialised LegalTech, TechLaw, EduTech, etc services but we are also working hard upon developing core skills of lawyers and other professionals. Our Virtual Law Campus and Virtual Campus are providing online skills development and education to various national and international stakeholders.
At the same time we are blending the benefits of automation, Artificial Intelligence, Machine Learning, Big data, etc with our skilled Techno Legal Services. This combination of modern technologies and our expertise is the core foundation of all our Techno Legal Projects. And this is also reflected in our Online Dispute Resolution (ODR) projects that are using simple, effective and open source software to deliver world class online services. For instance, consider the ODR Portal of PTLB Projects that is in existence for many years. It is specifically designed as a user friendly and technology neutral portal. Any person from any part of the world can access and use it from the comfort of her home. We have also launched a pro bono and demo website that can be used by national and international stakeholders. You can also see the step by step procedure for using our ODR portals for your multiple needs.
Now coming back to the cyber insurance business and the potential benefits that ODR Portals of PTLB Projects can ensure for them. Most of the stakeholders are already aware of our LegalTech Company TeleLaw that has launched a Global Techno Legal Online Portal in this regard. All stakeholders, including insurance companies, can use it to get their customised cyber insurance contracts drafted by our world renowned Techno Legal Experts. There is also a mechanism to make a reference by selective stakeholders, including by the projects of P4LO and PTLB, for stakeholders who need our concessional services. We would incorporate an ODR Clause in all such agreements/contracts so that in case of any potential dispute between insurance companies and the insured, the same can be resolved by using our ODR Portals. We endeavour to resolve all such disputes within a period of 6 months so that a finality can be achieved within that period.
Our aim is to cover all Techno Legal issues of Cyber Insurance from the beginning to the stage when any potential dispute is finally resolved and given a finality. We have a fully functional system and platform at place and the same is managed by Techno Legal Experts who are world renowned. Take a single example of our expertise. Suppose an insurance company has to settle a claim involving cyber crime or cyber attack from multiple jurisdictions of the World. If you approach any other dispute resolution provider, it/he may not be able to manage the same, including Conflict of Laws issues of cyberspace. But we at TeleLaw and PTLB Projects have more than a decade experience in these fields. We conduct cyber crimes and cyber forensics investigations, we analyse cyber security attacks, we manage IP address tracking and related activities, we are aware of the cyber laws of multiple jurisdictions, we are engaging in shaping the technology related policies of foreign countries, etc. So resolving such issues would be a normal thing for us that may be considered to be next to impossible by most.
If you are an insurance company that wishes to engage in cyber insurance business, we strongly recommend you to work along with TeleLaw and PTLB Projects and grow your business globally without any stress of being involved in disputes at multiple jurisdictions.