News & Analysis as of

Big Data Algorithms Underwriting

Bricker Graydon LLP

Artificial Intelligence - There's Nothing Fake About It

Bricker Graydon LLP on

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

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

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

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

Manatt, Phelps & Phillips, LLP

Considerations in Machine Learning-Led Programmatic Underwriting

Underwriting is critical to insurance profits: Identify, qualify, and quantify the risk that an insurance policy covers and set the premiums across a pool of the policies to cover the risk. It is the original hedge fund, in...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

Carlton Fields

NAIC Tills the Accelerated Underwriting Garden

Carlton Fields on

The Accelerated Underwriting (A) Working Group (AU WG) sprang into action during the first part of the year learning about the landscape of insurers' use of algorithms in underwriting and potential issues of such use, holding...more

McDermott Will & Emery

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

Carlton Fields

Life Insurers Sinking in Quicksand as Regulators Scrutinize Non-Traditional Consumer Data Sources

Carlton Fields on

As previously reported in our October 9, 2018, client alert, the sands began shifting in late 2018 when the NAIC Big Data Working Group (Big Data WG) began questioning life insurer’s use of big data after a LIMRA survey found...more

Sheppard Mullin Richter & Hampton LLP

New York Department of Financial Services Releases Letter Regarding Third Party Data Sources

In a recent letter, the New York Department of Financial Services provided guidance for insurers who use third party data to help with their underwriting decisions. The letter was drafted in response to reports that insurers...more

Locke Lord LLP

New Guidance on Insurers’ Use of Big Data and Algorithms in New York

Locke Lord LLP on

Having concluded an investigation into New York life insurers’ underwriting guidelines and practices, the New York Department of Financial Services has issued Insurance Circular Letter No. 1 (2019) to advise insurers of their...more

Faegre Drinker Biddle & Reath LLP

New York Takes the Lead on Insurers’ Use of Big Data and Algorithms

Nature abhors a vacuum, and the New York Department of Financial Services filled a big one with Insurance Circular Letter No. 1 (2019), which was issued on January 18. The circular letter addresses the use of external...more

Carlton Fields

Catching Up To Insurers’ Use of Big Data

Carlton Fields on

Various groups within the NAIC are beginning to study the way in which insurers are using big data. On the property and casualty front, the Market Regulation (D) (Market Reg) Committee is reviewing the use of big data in...more

14 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide