No doubt, AI is a hot topic in the insurance world these days. It brings so many possibilities to make us more effective and efficient.
Executive Summary
How is the insurance regulatory system going to process AI in insurance product filings?It's a question that worries Kate Terry, the co-founder of Surround Insurance, who has the experience to know that the filing process rarely feels fast. Here, Terry offers some advice for carriers and regulators to pave the way for putting AI into insurance product building in ways that won't slow the approval process down further.
One of the most societally important uses of AI in insurance is incorporating new data and modeling techniques in insurance pricing models to more accurately match risk to rate. We know that match drives behavior for businesses and consumers, ultimately reducing the human suffering and financial costs of claims from our world. That’s why careful, but swift, implementation of AI in this area is a moral imperative.
However, I am totally stumped as to how the insurance regulatory system is going to process AI in insurance product filings.
