Foley & Lardner LLP partner JillAllison Opell and associate Margaret Brzakala authored the New York Law Journal article, “The Future of Artificial Intelligence and Insurance Sales.”
In the article, Opell and Brzakala unpack the increased efficiencies driven by AI in insurance sales, its potential pitfalls, the current regulatory framework, the National Association of Insurance Commissioners Model Bulletin on AI use by insurers, state legislative action on the technology, and how insurance agencies can adapt to AI’s growing influence in the industry.
“Accordingly, to stay on top of (and even get ahead of) the regulation of AI in the insurance industry, specifically insurance sales, insurance producers should ensure that any AI systems used are trained on unbiased data, establish human checks and balances against inevitable AI failures, maintain strong data security policies and systems, and practice good recordkeeping and transparency in respect of AI use,” the authors conclude.
