NAIC Event Focuses on AI in Insurance
More than 325 insurance regulators, consumer representatives and industry stakeholders discussed artificial intelligence at a forum coordinated by the NAIC Center for Insurance Policy and Research (CIPR). The event, “Demystify the Use of Artificial Intelligence in Insurance,” was held in conjunction with the NAIC 2019 Summer National Meeting in New York City.
The NAIC’s Innovation and Technology Task Force adopted a motion to form an Artificial Intelligence (EX) Working Group. The group will study the development of artificial intelligence, its use in the insurance sector and its impact on consumer protection and privacy, marketplace dynamics, and the state-based insurance regulatory framework.
“Like all technology, the opportunities come with associated risks,” said Iowa Insurance Commissioner Doug Ommen, who moderated a panel on the impact of AI on the future of insurance. “As regulators, we must use a common-sense and thoughtful approach as we review these issues. AI technology can transform how the insurance industry operates and it's our job to help ensure consumers remain protected while allowing carriers, producers and other industry vendors to utilize cutting edge technology like AI to create and sell better products that consumers want to purchase to limit their risk.”