AI & the Next Frontier: What’s Ahead for Insurance

Key Takeaways | AI and the Next Frontier: Understanding What’s Ahead for Insurance

Overview


During this webinar, Michael Byrne, Shawn Helms and Alya Sulaiman discussed how the legal and regulatory environments are being impacted by the rapidly evolving traditional and generative artificial intelligence (AI) applications.

Top takeaways included:

  1. The Blueprint for an AI Bill of Rights, which was issued by The White House’s Office of Science and Technology Policy in October 2022, is important for insurers to be aware of and adopt because it pays special attention to specific high-risk AI applications, such as those involving criminal justice, employment (including worker’s compensation insurance), education and healthcare (including health insurance). In the Blueprint for an AI Bill of Rights, insurance is called a “sensitive context,” so heightened expectations around data privacy and human oversight should apply.
  2. The National Association of Insurance Commissioners (NAIC) announced that it will be focusing on AI, but regulators are generally not sure how to deal with AI as most standards in state insurance laws, rules and regulations already apply to regulation of insurance through an AI model: including unfair trade practices, unfair claims practices, rating requirements, market conduct examinations, corporate governance (e.g., annual disclosures/the Corporate Governance Annual Disclosure) and enterprise risk management (ERM) requirements.
  3. Colorado is the only state with legislation that requires insurers to take particular actions related to AI. Specifically, it requires insurers to have a framework and due diligence to prove they don’t unlawfully discriminate the use of AI.

Learn about AI’s implications in more industries and service areas, and how you can seize opportunities and mitigate risk across the legal, business and operational areas of your organization, through our webinar series.

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