A revolution of innovation ushered in by artificial intelligence (AI) has swept over the insurance industry in recent years, reshaping how the industry thinks about risk. As just one component of InsureTech (i.e., insurance technology), AI is rapidly changing the way the insurance industry identifies and selects risks, develops products, predicts losses and transacts business. Examples include web and app-based companies that use AI to guide users through the application process, analytical approaches to emerging risks using “Big Data” and machine learning to identify and predict risks, AI to identify and prevent compliance issues with regulatory and sanctions regimes, and the use of machine learning and AI to make claims determinations. Yet, for as much as AI is helping insurers to place business more efficiently, AI is simultaneously upending traditional liability concepts, forcing the insurance industry to consider events precipitated not by direct human intervention but by machines.
AI also has transformed litigation, something insurance companies manage daily. AI brings the ability to search large data sets and identify relationships accurately and quickly. We have litigators and litigation support specialists who are well versed in predictive coding and AI applications in large litigation and government investigation document productions.
Our interdisciplinary team of insurance, regulatory, litigation, corporate, technology, data privacy, cybersecurity, tort and public policy experts work hand-in-hand to provide insurance and reinsurance industry clients, including industry service providers, with the experience and know-how necessary to bring AI and other InsureTech applications to life. We track legislative and regulatory perspectives and changes as AI is applied to insurance industry processes. Our team includes the former Director of the Ohio Insurance Department, the former CIO of the US, and the former Chief Legal and Governance Officer of Nationwide Mutual Insurance Company.
Our experience includes:
- Advising a major insurance carrier on fluidless underwriting issues.
- Helping major and startup insurance companies on development and regulatory product approvals for innovative homeowners and automotive products.
- Counseling multiline insurance companies on compliance issues associated with electronic and app-based sales and distribution.
- Advising major insurance carriers and a trade association on regulatory issues associated with use of “Big Data” in underwriting and predictive modeling.
Our team brings a value-added proposition to insurance and reinsurance companies and industry service providers seeking to address legal issues surrounding the use of Al specifically, and InsureTech in general.