Who’s Watching The AI Watchmen in The Insurance Industry?

The myriad ways that artificial intelligence has been shaping the world, and more specifically the insurance and broker space, have been well documented in these pages and beyond - from underwriting to claims processing and customer service, which PricewaterhouseCoopers found to be the most effective utilization in the insurance game as of their 2021 survey, at least.

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But as these technologies continue to evolve and presumably fill an ever greater role in a growing list of business functions assuming current trends hold, the potential for the entire insurance industry to rely too heavily on imperfect software solutions with limited accountability could feasibly have the potential to get out of control.

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This is where the National Association of Insurance Commissioners (NAIC) comes into play. 

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In 2019, the NAIC’s technology task force established a working group that deals specifically with big data and artificial intelligence issues as they arise for brokers, providers, and benefits managers, etc. in the insurance industry

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For the last couple years, this group has been conducting surveys, collecting data, and is currently in the process of producing recommendations and guidelines that will impact technology and AI usage in the insurance context for the decades to come, so we’ll be monitoring these developments closely.

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You can read more about the NAIC and their efforts here.