News & Analysis as of

Insurance Industry Big Data

Mayer Brown

Innovation, Cybersecurity, and Technology (H) Committee

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On August 13, 2025, the Innovation, Cybersecurity, and Technology (H) Committee (“H Committee”) of the US National Association of Insurance Commissioners (“NAIC”) met at the NAIC’s Summer 2025 National Meeting in Minneapolis,...more

McDermott Will & Schulte

Update on NAIC’s Consideration of AI Model Law for Insurers

On May 12, 2025, the National Association of Insurance Commissioners’ (NAIC) Big Data and Artificial Intelligence (H) Working Group released a Request for Information (RFI), signaling that it may draft a model law to regulate...more

McGlinchey Stafford

Will 2024 Be the Year That AI Breaches the Insurance Market?

McGlinchey Stafford on

As we have seen the rise of broader use of artificial intelligence (AI) with the launch of ChatGPT in November 2022 and the use of other platforms to create images, text, and even legal precedence that does not exist, it...more

Eversheds Sutherland (US) LLP

Colorado Division of Insurance adopts final rule on use of big data and predictive models

The Colorado Division of Insurance (CDI) adopted a new regulation on September 21, 2023 (Final Regulation) establishing requirements governing the use of external consumer data and information sources (ECDIS), as well as...more

Bricker Graydon LLP

Artificial Intelligence - There's Nothing Fake About It

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Artificial Intelligence (AI) has become ubiquitous in today’s corporate lexicon. And while much has been said, and written, about AI, the question still remains: what, exactly, is AI? Or, more aptly for this discussion, what...more

Troutman Pepper Locke

Insurance Regulators ‎Continue to ‎Grapple With the Rapid Development ‎and ‎Use of Artificial ‎Intelligence

Troutman Pepper Locke on

On August 13, 2023, insurance regulators and the insurance industry met in Seattle, Washington at the NAIC Summer Meeting and continued to address the challenges of monitoring and regulating the insurance industry’s use of...more

Carlton Fields

Opening Day: Regulators Showcase Big Data Initiatives at NAIC Spring Meeting

Carlton Fields on

Few things thrill baseball fans more than opening day. They come with a mix of excitement and trepidation. For many of them, it’s the first day they get to see their favorite team showcase its talents, and their first glimpse...more

Carlton Fields

Insurors’ Vendor Relationships May Get Wintery Gusts: A Chill for Consumer Data, Artificial Intelligence (AI), and Machine...

Carlton Fields on

As 2022 ended, various groups of the National Association of Insurance Commissioners (NAIC), as well as the Colorado Department of Insurance (CO DOI), continued to gain a better understanding of insurers’ use of consumer...more

Carlton Fields

A Flurry of Algorithmic Activity at the NAIC 2022 Fall National Meeting

Carlton Fields on

At the National Association of Insurance Commissioners (NAIC) 2022 Fall National Meeting (Fall Meeting), the various NAIC groups hit the industry with an array of snowballs of various actual and proposed surveys, guidance,...more

Carlton Fields

Does Colorado’s Draft Big Data Governance Rule Foretell of a Long Winter or an Early Spring?

Carlton Fields on

Colorado Senate Bill (SB) 21-169, which became law in 2021, is intended to “hold insurers accountable for testing their big data systems — including external consumer data and information sources, algorithms, and predictive...more

McGlinchey Stafford

Insurance Industry: Reflections on 2022, Predictions for 2023

McGlinchey Stafford on

For many in the insurance industry, 2022 was a year of growth, a year dedicated to gaining traction after the residual effects of 2020. As we enter 2023, we reflect beyond the macro dynamics of other markets, in hopes of...more

Troutman Pepper Locke

Big Data for Insurers: Clarity About the New Connecticut Requirements

Troutman Pepper Locke on

The Connecticut Insurance Department issued a revised Notice to All Entities and Persons Licensed by the Connecticut Insurance Department concerning the Usage of Big Data and Avoidance of Discriminatory Practices. The...more

Carlton Fields

California Throws Shade at Insurance Industry’s Use of Big Data and Algorithms

Carlton Fields on

On June 30, 2022, the California Department of Insurance (CA DOI) released a bulletin titled "Allegations of Racial Bias and Unfair Discrimination in Marketing, Rating, Underwriting, and Claims Practices by the Insurance...more

Carlton Fields

Flowers Sprout in the Consumer Data Regulation Garden

Carlton Fields on

With spring’s arrival, a bouquet of differing NAIC groups and states is popping up to consider the use of big data and algorithms by insurers, including algorithms based on machine learning. Many are focusing on life...more

Faegre Drinker Biddle & Reath LLP

The Faegre Drinker Five: An NAIC Watchlist

Faegre Drinker’s insurance team will once again be well-represented at the National Association of Insurance Commissioners’ Spring National Meeting from April 4-8 in Kansas City. As pandemic restrictions ease, we expect broad...more

Eversheds Sutherland (US) LLP

NAIC report - 2021 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2021 Fall National Meeting from December 11 to 16 in San Diego, California. The meeting was held in a hybrid in-person and remote format due to the ongoing...more

Eversheds Sutherland (US) LLP

EU-US Insurance Dialogue Project takes up new technologies and cyber threats that have no borders; Regulatory collaboration in a...

The EU-US Insurance Dialogue Project (“Project”) began in early 2012 as an initiative by the European Commission, the European Insurance and Occupational Pensions Authority (EIOPA), the Federal Insurance Office (FIO) of the...more

Carlton Fields

A Rocky Road Ahead for Insurers Using Consumer Data and Models

Carlton Fields on

The NAIC’s development of guiding principles on artificial intelligence seeks to proactively avoid proxy discrimination, safeguard against other unfairly discriminatory outcomes, and apply risk management to address unfair...more

Hinshaw & Culbertson - Privacy, Cyber & AI...

Connecticut Insurance Department Issues Guidance on Big Data Use by Insurers

The State of Connecticut’s Insurance Department (Department) has issued a Notice reminding all entities and persons licensed by the Department to use technology and Big Data responsibly and transparently and in full...more

Cooley LLP

Alert: With New Congress, Passage of Draft Legislation Impacting the Insurance Sector’s Use of Big Data Is Possible

Cooley LLP on

This past summer, Senator Sherrod Brown, a Democratic senator from Ohio and the then-ranking member of the US Senate Committee on Banking, Housing and Urban Affairs, introduced a draft bill that, if enacted, would impact the...more

McDermott Will & Schulte

Awaiting Regulation of AI in Insurance

With the recent news that the Association of British Insurers (ABI) has called for new rules to reflect the increased use of AI and machine learning in the insurance industry, comes a reminder that there is still a...more

Cooley LLP

Blog: Big Data and Insurance – The Regulatory Approval Process for Insurtech Data Models

Cooley LLP on

Data is often the key ingredient to an insurtech’s success. From the use of drone data to automatically pay insurance claims after a hurricane, to AI that can predict the likelihood of insurance fraud – big data has the...more

Orrick - Finance 20/20

EIOPA Publishes Report on Thematic Review on Big Data Analytics

Orrick - Finance 20/20 on

On May 8, the European Insurance and Occupational Pensions Authority (EIOPA) published a report setting out the findings of its EU-wide thematic review on the use of Big Data Analytics (BDA) in motor and health insurance. ...more

Mitchell, Williams, Selig, Gates & Woodyard,...

BigData: Great Opportunities in the Face of Impending Regulations

To kick off the New Year, the New York Department of Financial Services (“DFS”) published Insurance Circular Letter No. 1 (2019) warning life insurers that use of external consumer data and information sources, commonly...more

Cooley LLP

Blog: The end of auto insurance as we know it: How big data will reshape the future of the autonomous vehicle insurance market

Cooley LLP on

Despite the recent wave of articles forecasting that the rise of autonomous vehicles will lead to a decline in auto insurance premiums, we believe it is more accurate to say that the advent of self-driving cars will cause the...more

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