News & Analysis as of

Insurance Industry Artificial Intelligence Big Data

McGlinchey Stafford

Will 2024 Be the Year That AI Breaches the Insurance Market?

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As we have seen the rise of broader use of artificial intelligence (AI) with the launch of ChatGPT in November 2022 and the use of other platforms to create images, text, and even legal precedence that does not exist, it...more

Eversheds Sutherland (US) LLP

Colorado Division of Insurance adopts final rule on use of big data and predictive models

The Colorado Division of Insurance (CDI) adopted a new regulation on September 21, 2023 (Final Regulation) establishing requirements governing the use of external consumer data and information sources (ECDIS), as well as...more

Bricker Graydon LLP

Artificial Intelligence - There's Nothing Fake About It

Bricker Graydon LLP on

Artificial Intelligence (AI) has become ubiquitous in today’s corporate lexicon. And while much has been said, and written, about AI, the question still remains: what, exactly, is AI? Or, more aptly for this discussion, what...more

Locke Lord LLP

Insurance Regulators ‎Continue to ‎Grapple With the Rapid Development ‎and ‎Use of Artificial ‎Intelligence

Locke Lord LLP on

On August 13, 2023, insurance regulators and the insurance industry met in Seattle, Washington at the NAIC Summer Meeting and continued to address the challenges of monitoring and regulating the insurance industry’s use of...more

Carlton Fields

Opening Day: Regulators Showcase Big Data Initiatives at NAIC Spring Meeting

Carlton Fields on

Few things thrill baseball fans more than opening day. They come with a mix of excitement and trepidation. For many of them, it’s the first day they get to see their favorite team showcase its talents, and their first glimpse...more

Carlton Fields

Insurors’ Vendor Relationships May Get Wintery Gusts: A Chill for Consumer Data, Artificial Intelligence (AI), and Machine...

Carlton Fields on

As 2022 ended, various groups of the National Association of Insurance Commissioners (NAIC), as well as the Colorado Department of Insurance (CO DOI), continued to gain a better understanding of insurers’ use of consumer...more

Carlton Fields

A Flurry of Algorithmic Activity at the NAIC 2022 Fall National Meeting

Carlton Fields on

At the National Association of Insurance Commissioners (NAIC) 2022 Fall National Meeting (Fall Meeting), the various NAIC groups hit the industry with an array of snowballs of various actual and proposed surveys, guidance,...more

McGlinchey Stafford

Insurance Industry: Reflections on 2022, Predictions for 2023

McGlinchey Stafford on

For many in the insurance industry, 2022 was a year of growth, a year dedicated to gaining traction after the residual effects of 2020. As we enter 2023, we reflect beyond the macro dynamics of other markets, in hopes of...more

Eversheds Sutherland (US) LLP

NAIC report - 2021 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2021 Fall National Meeting from December 11 to 16 in San Diego, California. The meeting was held in a hybrid in-person and remote format due to the ongoing...more

Eversheds Sutherland (US) LLP

EU-US Insurance Dialogue Project takes up new technologies and cyber threats that have no borders; Regulatory collaboration in a...

The EU-US Insurance Dialogue Project (“Project”) began in early 2012 as an initiative by the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA), the Federal Insurance Office (FIO) of the...more

Carlton Fields

A Rocky Road Ahead for Insurers Using Consumer Data and Models

Carlton Fields on

The NAIC’s development of guiding principles on artificial intelligence seeks to proactively avoid proxy discrimination, safeguard against other unfairly discriminatory outcomes, and apply risk management to address unfair...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

Connecticut Insurance Department Issues Guidance on Big Data Use by Insurers

The State of Connecticut’s Insurance Department (Department) has issued a Notice reminding all entities and persons licensed by the Department to use technology and Big Data responsibly and transparently and in full...more

Manatt, Phelps & Phillips, LLP

Considerations in Machine Learning-Led Programmatic Underwriting

Underwriting is critical to insurance profits: Identify, qualify, and quantify the risk that an insurance policy covers and set the premiums across a pool of the policies to cover the risk. It is the original hedge fund, in...more

McDermott Will & Emery

Awaiting Regulation of AI in Insurance

With the recent news that the Association of British Insurers (ABI) has called for new rules to reflect the increased use of AI and machine learning in the insurance industry, comes a reminder that there is still a...more

Saul Ewing LLP

Four Key Takeaways from Saul Ewing Arnstein & Lehr’s Seminar on InsurTech Fundamentals and Compliance Strategies for...

Saul Ewing LLP on

Demands from millennials, who now represent the largest living generation, combined with a variety of technology advancements—such as Big Data, blockchain and artificial intelligence—are driving innovation across all stages...more

Pullman & Comley, LLC

The Ghost of Systems Past: “Big Data” Suits Loom, But Old Data Issues Remain Unresolved

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2017 could be big for litigation over “Big Data” applications in insurance. This past year saw the filing of several “price optimization” class actions, and claims against a fraud detection tool, similar to the ones used by...more

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