Insurers cannot escape legal or regulatory responsibility by blaming their tech vendors. (Credit: Stock Source Studio/Adobe Stock)
The use of artificial intelligence (AI) by insurance companies is one of the most important regulatory issues currently facing the U.S. insurance industry. Recommendations and decisions concerning insurance policy underwriting, pricing and claims adjudications can now be performed faster and more accurately with the use of AI. But the potential and proven benefits of AI raise insurance regulatory concerns.
State insurance regulators are now moving at a fast pace. California, Colorado and New York have already issued guidance or enacted legislation on the use of AI by the insurance industry. Additionally, 24 states have adopted their own versions of the National Association of Insurance Commissioner’s 2023 Model Bulletin: “Use of Artificial Intelligence Systems by Insurers.”
|The path forward
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
