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This article explores the potential of digital technologies to transform the insurance industry by fully digitizing insurance contracts through "computable contracting." Currently, the industry lacks significant digitalization of policies, focusing instead on small efficiency gains. The authors propose a future landscape driven by:

1. Contract Builders: Low-code or no-code platforms enabling non-programmers to create computable contracts with intuitive tools and expert guidance. These tools should support both text modules (clauses) and calculations.

2. Data and Rules Integration: Emphasizing the importance of data and rules standards for interoperability. Unlike many automation initiatives, this approach combines data and logic within the contract itself.

3. From Platforms to Plug-ins: Suggesting a shift from processing platforms to an ecosystem of plug-ins (outsourced services) that simplify processes and eliminate redundant data transfer and processing activities.

The article highlights the need for fundamental redesign before digital automation, aiming to streamline processes and enable these technologies to fully realize their potential in the insurance industry. It concludes Part 1, promising to delve into additional relevant technologies in Part 2, including risk description, loss modeling, e-trading, AI, and standards.