2022 Adopted Charges:
The Big Data and Artificial Intelligence (H) Working Group will:
- Research the use of big data and artificial intelligence (AI) including machine learning (ML) in the business of insurance and evaluate existing regulatory frameworks for overseeing and monitoring their use. Present findings and recommendations to the Innovation, Cybersecurity, and Technology (H) Committee including potential recommendations for the development of model governance for the use of big data and AI including ML for the insurance industry.
- Review current audit and certification programs and/or frameworks that could be used to oversee insurers’ use of consumer and non-insurance data, and models using intelligent algorithms, including AI. If appropriate, issue recommendations and coordinate with the appropriate subject matter expert (SME) committees on the development of or modifications to model laws, regulations, handbooks, and regulatory guidance, regarding data analysis, marketing, rating, underwriting and claims, regulation of data vendors and brokers, regulatory reporting requirements, and consumer disclosure requirements.
- Assess data and regulatory tools needed for state insurance regulators to appropriately monitor the marketplace, and evaluate the use of big data, algorithms, and machine learning, including AI/ML in underwriting, rating, claims and marketing practices. This assessment shall include a review of currently available data and tools, as well as recommendations for development of additional data and tools, as appropriate. Based on this assessment, propose a means to include these tools in existing and/or new regulatory oversight and monitoring processes to promote consistent oversight and monitoring efforts across state insurance departments.
2021 Fall National Meeting
Big Data and Artificial Intelligence (EX) Working Group
Monday, December 13, 2021
Indigo Ballroom AE - Hilton - Level 2
Audio Only: This meeting will be available by audio only for registrants not attending in person. Dial in information will be available in the Event App.