The AAIS Pulse newsmagazine recently featured discussions with Mississippi Insurance Commissioner Mike Chaney and Connecticut Insurance Department Asst. Deputy Commissioner, Property & Casualty Division, George Bradner. They sat down with AAIS VP of Government Affairs, Legal, and Compliance, Robin Westcott, to cover a wide array of topics including data collection, data management, openIDL and its benefits, machine learning, and much more.
Commissioner Chaney and Ms. Westcott recalled an experience working together in an unsuccessful attempt to collect data on affordability and accessibility from Mississippi’s Auto Working Group. Commissioner Chaney said at the time the Auto Working Group “didn’t have the tools we really needed … and it was hard to do a data call and keep the information aggregated together and avoid missing data.” Both agreed that with tools and services like groundbreaking blockchain technology openIDL (open Insurance Data Link), data is streamlined and easier to manage.
“In order for regulators to start using some of this information … they’re going to need to have an ability to look at more granular pieces of data, but not expose the data,” explained the Commissioner. openIDL does just that. According to Commissioner Chaney, growth of tools like openIDL that advance regulatory reporting will require industry buy-in. The Commissioner believes insurers need to understand the benefits of these data tools for themselves. “Our interest in blockchain isn’t just about what we feel blockchain can do for us,” Commissioner Chaney explains.
Commissioner Chaney also shared his excitement that Mississippi is part of the openIDL community, emphasizing its importance as a growing network and community critical to modernizing regulatory reporting.
Ms. Westcott then welcomed Mr. Bradner. Connecticut has been leading the way in executing a Proof of Concept Business Interruption Insurance Data Call that was released in August 2021. Mr. Bradner hopes to see even more progress and sees this as “an exciting period for the industry and regulators.”
A key focus now for Connecticut is utilizing artificial intelligence and machine learning technology to improve compliance filings and checklists. Mr. Bradner explained that the technology that AAIS has developed has expedited the current systems, reducing a lengthy process from days down to just minutes.
The machine-learning technology that AAIS is working on with Connecticut has also helped “speed up the learning curve” for new employees, automating tasks that were previously manual and reallocating trained workers to other areas of the insurance department where they’re more valuable.
To hear Ms. Westcott’s full conversation with Commissioner Chaney and Mr. Bradner, as well as all the sessions from our Feb. 1 AAIS Pulse, click here.