NAIC Plans More Spending on Tech
Officials at the National Association of Insurance Commissioners (NAIC) are proposing to spend about $12 million over the next three years to improve the organization's information systems and data security efforts. Under a new three-year strategic plan dubbed “State Ahead,” NAIC hopes to use the money to modernize its insurance industry data collection systems and overhaul its tech project development practices.
The NAIC seeks to create an analytics data warehouse, harden NAIC systems against hackers, create tools regulators can use to educate consumers, and offer regulators self-service business intelligence tools. In addition, NAIC officials want to give state insurance regulators more briefings on complicated new issues, such as cybersecurity, and the insurance implications of self-driving vehicles.