Insurance Technology Strategy and Regulatory Compliance, Vol. 3

Report Summary

Insurance Technology Strategy and Regulatory Compliance, Vol. 3

Mitch Wein
Head of Financial Services CIO/CTO Advisory

March 2020 - Locke Lord LLP and Novarica look at new regulatory developments in analytics, data usage, and data security that have the potential to affect insurer technology strategy.

There have been four new amendments to the California Consumer Privacy Act (CCPA) since the last joint Novarica/Locke Lord report that insurers should know, along with temporary exemptions that will affect them in the short term. In addition, biometric data privacy laws are likely to proliferate. Insurers should be aware of the implications, as well as the potential uses of biometric data to enhance underwriting and claims processes.

Finally, AI-enabled chatbots are already finding use in a variety of places within insurers, from underwriting assistance to agent advisory, claims handling, and on-boarding. At the same time, regulators are beginning to take a closer look at how biases built into or learned by AI systems can lead to discrimination.

 

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