Recent announcements in Colorado, Louisiana and New York addressing the use of not only big data but also more traditional “scoring” models signal a continued focus on this area by state insurance regulators.
The emergence of consumer-focused regulations regarding data privacy, the use of big data/artificial intelligence (AI), the use of genetic test results, and the Right to be Forgotten (RTBF), among other factors, challenge the ability of insurers to profile risk and provide differentiated offerings. This article explores this evolving landscape, including trends and outcomes by jurisdiction, and offers suggestions for continued monitoring and engagement.
After looking at Disparate Impact Testing in our previous blog, where we provided background on the concepts of algorithmic accountability and proxy discrimination, this blog will describe the current, evolving regulatory environment and make some projections about the future.
Probabilistic and statistical modeling have long been central to life insurers’ efforts to responsibly manage and accurately price risk. However, over the past two decades, technological advances have transformed these businesses’ use of data and algorithms.
As data ethics continues to garner increased attention in the (re)insurance industry, it is critical for organizations to have a strategic and measured approach to data utilization.
Recent allegations of racial bias and discrimination in marketing, rating, underwriting, and claims practices by insurance companies and other licensees have come to light nationwide.
Because of the pandemic, more people than ever are seeking out life insurance — just as insurers seek ways to identify people who have had COVID-19, and in some cases deny them coverage.
Dr. Tom Fletcher, VP Data Analytics, North America Life, shares his perspective on the component strands necessary to build and maintain ethical standards in predictive modeling.
As accelerated underwriting (AU) and artificial intelligence (AI) begin to turn life underwriting upside down, several NAIC working groups are seeking to bring order to the disruption.
The center questions the use of factors such as employment class and education level in marketing, underwriting and pricing.