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Insurance Industry › Data Collection › Algorithms

Eversheds Sutherland (US) LLP

NAIC proposes evaluation tool for AI systems used by insurers

Eversheds Sutherland (US) LLP on

On July 7th, the NAIC’s Big Data and AI Working Group (Working Group) exposed a draft of an AI Systems Evaluation Tool (Evaluation Tool). The stated purpose is to provide regulators with a tool that enables them to identify...more

Faegre Drinker Biddle & Reath LLP

Colorado Division of Insurance Takes Next Steps to Expand AI-Related Governance and Risk Management Obligations for Insurers

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The complex and evolving AI regulatory landscape for insurers is again on the move. The Colorado Division of Insurance (the Division) has commenced the formal rulemaking process to amend and expand the reach of current...more

Robins Kaplan LLP

AI’s Impact on Property Insurance Coverage

Robins Kaplan LLP on

Artificial Intelligence (AI) is the simulation of human intelligence processes by machines, such as computer systems for assistance in quickly answering complicated questions, researching a specific topic, or creating an...more

ArentFox Schiff

FTC Makes Statement on Connected Vehicle Data as Major Automaker Faces Class Action for Data Sharing Practices

ArentFox Schiff on

Connected cars have been on the FTC’s radar for years. Its most recent blog post specifically highlights the Commission’s concerns regarding over collecting-- and the risk of secondary uses-- of sensitive data, such as...more

BCLP

The Future of Insurance - Colorado’s New ECDIS and AI Model Regulations

BCLP on

On September 21, 2023, the Colorado Division of Insurance adopted a Final Regulation implementing S.B. 21-169, the 2021 law governing Colorado-licensed insurers’ use of external consumer data and information sources (ECDIS),...more

Akin Gump Strauss Hauer & Feld LLP

DFS Issues Guidance to Life Insurers on Use of “External Data” in Underwriting Decisions

Akin Gump Strauss Hauer & Feld LLP on

On January 18, 2019, New York’s Department of Financial Services (DFS) issued Circular Letter No. 1 (2019) to advise life insurers regarding the type of data that they may use when underwriting policies. The guidance was...more

Faegre Drinker Biddle & Reath LLP

Big Data Is a Big Deal: A Brief Guide to Data Analytics and the Insurance Industry

Faegre Drinker Biddle & Reath LLP on

Admit it: you have a nagging feeling that you should learn more about the insurance industry’s use of big data and algorithms, but you don’t know where to begin. Relax. Here are six questions (and answers) to help you get...more

Eversheds Sutherland (US) LLP

NYDFS Makes Inquiry into Life Insurers’ Use of Algorithmic Underwriting

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On June 29, 2017, the New York Department of Financial Services (NYDFS) issued an information request pursuant to Section 308 of the New York Insurance Law addressed to all life insurers and fraternal benefit societies...more

Poyner Spruill LLP

"They Can't Do That To Our Pledges; Only We Can Do That To Our Pledges”: Admiral, Big Data, Privacy, and The Internet of Things

Poyner Spruill LLP on

Anyone who has ever bought insurance, resented the premium, contested a claim denial, or piled up hours and papers dealing with insurers would welcome anything that promised to lower their rates. Admiral, a British insurer...more

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