November 2020 – Locke Lord LLP and Novarica look at the laws and regulations around avoiding discrimination in insurance pricing and coverage tied to machine learning and AI, the expansion of privacy laws in the insurance customer lead generation business, and the new technologies brought about by the pandemic to track private information and protect collected data.
Concerns around inadvertent discrimination and underwriting pricing transparency arising from the growth of AI and predictive analytics have led regulators to take a close look at how biases can be built into or learned by AI. CIOs must also keep a watchful eye over such technologies.
The continuing expansion of privacy laws in the insurance customer lead generation business is impacting how digital marketing can be done and what data it can use. The pandemic has also sparked the need to deploy new technologies to track private information and protect collected data.
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...