"The regulatory landscape is incredibly complex in relation to these new technologies. They're (insurers) trying to figure out what their liability or exposure should be. If they deploy technologies and regulations change … they might at some point pay some liability," said Scott Hawkins, head of insurance research and managing director at Conning. (Credit: Sansert/Adobe Stock)
Technology advances much faster than U.S. regulations, and states are scrambling to get ahead of the use of AI in insurance and other industries to ensure these systems make decisions based on true causation, not correlation. On April 9, the Pennsylvania Insurance Department (PID) announced new guidelines for insurers licensed to do business in the state regarding their use of AI. The PID release provides best practices recommendations for how insurers may obtain, develop and implement AI technologies and systems.
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