Given that insurance practices are considered a high-risk application of AI since access to policies can have significant implications on an individual’s life, particularly in the case of life and health insurance, recent years have seen an emergence of efforts to regulate insurtech. In this whitepaper, we give an overview of some of the risks associated with the misuse of insurtech before providing an overview of the regulatory efforts targeted at this sector, with a focus on the US and EU.
Like with many other sectors, insurance practices are becoming increasingly automated, saving both policyholders and insurance providers time by making processes more efficient and convenient. Current estimates suggest that over 85% of insurance executives will be experimenting with automation over the next three to five years, with $8 billion being invested into insurtech start-ups alone between 2018 and 2019. Although different insurance practices will differ in their applications, broadly, insurtech is benefiting four core activities:
Given that insurance practices are considered a high-risk application of AI since access to policies can have significant implications on an individual’s life, particularly in the case of life and health insurance, recent years have seen an emergence of efforts to regulate insurtech. In this whitepaper, we give an overview of some of the risks associated with the misuse of insurtech before providing an overview of the regulatory efforts targeted at this sector, with a focus on the US and EU.
Get your free copy of “The State of Global AI Regulations in 2023” today and get ahead of the curve.
Download our latest
White Paper
Insurance and AI: The Legal Implications
Our AI Governance, Risk and Compliance platform empowers your enterprise to confidently embrace AI
Get StartedDISCLAIMER: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user or browser; Holistic AI does not recommend or endorse the contents of the third-party sites.
Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter. No reader, user, or browser of this site should act or refrain from acting on the basis of information on this site without first seeking legal advice from counsel in the relevant jurisdiction. Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client relationship between the reader, user, or browser and website authors, contributors, contributing law firms, or committee members and their respective employers.
The views expressed at, or through, this site are those of the individual authors writing in their individual capacities only – not those of their respective employers, Holistic AI, or committee/task force as a whole. All liability with respect to actions taken or not taken based on the contents of this site are hereby expressly disclaimed. The content on this posting is provided "as is;" no representations are made that the content is error-free.
