Insurance Technology Strategy and Regulatory Compliance, Vol. 5

Report Summary

Insurance Technology Strategy and Regulatory Compliance, Vol. 5

Mitch Wein
Head of Financial Services Executive Partner Service

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.

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