Colorado Division of Insurance proposes first-of-its kind regulation requiring life insurers to test their underwriting process for racial and ethnic bias.
It's on a mission to make underwriting more inclusive
Generative artificial intelligence (GenAI) has the potential to revolutionize the insurance industry. While many insurers have moved quickly to use the technology to automate tasks, personalize products and services, and generate new insights, further adoption has become a competitive imperative.
For insurers, digitization continues to evolve, providing greater functionalities, analytical capabilities, and more. In this article, Dr. Dhiraj Goud discusses the many new tools now available to the industry, their benefits, and their challenges.
The Geneva Association recently published a comprehensive report on the use and regulation of AI in the insurance industry. AI is a key part of the digital transformation of insurance, the report says, and its associated risks are already familiar to insurers.
The Colorado Division of Insurance has approved a closely watched regulation that could affect how life insurers use outside vendors’ artificial intelligence systems, and any other outside sources of data or analytical technology, in life insurance underwriting.
Life insurance companies have a reputation for being something akin to an oil tanker – big, and slow. But their approach to incorporating generative AI (GenAI) into various functions of their businesses can hardly be claimed to be thus.
The introduction of artificial intelligence (AI) into the insurance industry is transformative, heralding a new era marked by improved efficiency, accuracy and personalization. However, with this technological shift comes a significant yet often overlooked concern—AI bias.
Unfair discrimination takes place when insurers consider factors that are unrelated to actuarial risk while determining whether to provide insurance to particular individuals or groups, and if so, at what price and with what terms.
ChatGPT is taking the world by storm. Like so many other organizations focused on digital transformation, we were immediately intrigued and wondered how we could help our carrier partners innovate using ChatGPT and other AI tools like it. Several RGA teams started looking into the possibilities for everything from underwriting to data analytics.