On a recent edition of AAIS Pulse, NAIC CEO Mike Consedine sat down with AAIS President and CEO Ed Kelly to share his insights on major regulatory issues facing the insurance industry and the NAIC.
Regulation
NAIC CEO Shares Insights on Insurance Regulation
Apr 28, 2022 / by AAIS posted in openIDL, Insights, Issues & Trends, Data & Technology, COVID-19, Homeowners, Climate Change, Cannabis, Auto, AAIS News & Views, AAIS Pulse, Data/Tech, NAIC, Regulation, pandemic, Regulators, Business Interruption, Economy, Cannabis Insurance, cyber insurnace
How Regulation is Impacting Auto Insurance
Feb 16, 2022 / by Lori Dreaver Munn posted in Community, Issues & Trends, Insurance News/Current Events, Regulatory/Compliance, P&C Insurers, Auto, Commercial Auto, Legislation & Regulation, AAIS News & Views, AAIS Insights, Personal Auto, Regulation, Insurance Line of Business, auto insurance, GLC
Regulation plays an outsized role in the development of the auto insurance sector. Since the beginning of the pandemic, we have seen an even higher than usual impact from wild fluctuations in rates, claims, premiums, and consumer reimbursements, to activities impacting the industry itself.
Pandemic Resource Center Delivers Litigation Data & Insights
Feb 23, 2021 / by AAIS posted in Technology, Data & Technology, Insurance News/Current Events, COVID-19, Tech News, IoT, Industry, Data, Business, Legislation & Regulation, Innovation, AAIS News & Views, Data/Tech, Regulation, Digitization, Business Interruption, AAIS Views, GLC, Litigation, COVID-19 Resource Center
For more than a year, COVID-19 has impacted the lives of millions, leaving a path of destruction in its wake. With more than 25 million cases in the US, nearly half a million dead, countless businesses closed and millions of people jobless without financial security, no one has been left unscathed. It has also raised significant issues for the insurance industry, particularly spurred by Business Interruption-related questions and litigation.
AI and Modern Compliance
Jan 9, 2021 / by AAIS posted in Community, Technology, Machine Learning/AI, Issues & Trends, Data & Technology, Insurtech, Regulatory/Compliance, Insurance Operations, Innovation, AAIS Insights, AAIS Pulse, Executive, NAIC, Regulation, Compliance, Locke Lorde, AI, AAIS Views
In August of 2020, the NAIC adopted five guiding principles for artificial intelligence (AI), based on the Organization for Economic Cooperation and Development’s AI Principles which have been adopted by 42 countries across the globe. These five principles include: Fair and Ethical Accountability, Compliance, transparency, security, safety, and robustness of outputs.
Adding AI to the Underwriting Equation
Aug 4, 2020 / by AAIS posted in Community, Technology, Machine Learning/AI, Issues & Trends, Data & Technology, Events, COVID-19, Regulatory/Compliance, Insurance Operations, AAIS Webinar Series, Underwriting, Regulation, Compliance, Business Interruption, AI, AAIS Views, CONVR
In a special edition of the AAIS Webinar Series, CONVR VP Sales and Marketing Phil Alampi presented on the topic of "Artificial Intelligence: Creating Super Underwriters." Mr. Alampi discussed the growing impacts COVID-19 has had on insurers. With more than 75% of carriers seeing increases in business interruption claims, the demand for coverage is expectedly surging. This growing challenge has a positive side, however, for the impacts of COVID-19 have expedited the need for the industry to improve its ability to crunch data better and more efficiently.