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.
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