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.
About the Author
Mitch Wein
Mitch Wein is an Executive Principal in the Insurance Practice at Datos Insights. He has expertise in international IT leadership and transformation as well as technology strategy for banking, insurance (life, annuities, personal, commercial, specialty), and wealth management. Prior to joining Datos Insights, Mitch served in senior technology management positions at numerous financial institutions. At Bankers Trust (now Deutsche Bank), he automated...