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AI and the Future of Insurance: Industry Trends, Claims Management, and Policy Impacts

Content Provider
American Law Institute CLE
Product
CLE
Run Time
93 Minutes
Recording Date
07/27/2023
Presenter(s)
John G. Buchanan III, Laura A. Foggan, Lorelie S. Masters
Learning Method
On-Demand Training
Practice Area
Insurance, Social Media and Technology, Data Privacy and Cyberlaw

Price $259.00

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Description

Artificial intelligence (AI) seems to be all the rage lately. In fact, the insurance industry has deployed relatively simple AI algorithms in so-called "InsurTech" applications for many years in order to improve carrier efficiencies and reduce costs. But as personal and business AI applications proliferate across society and as AI sophistication increases, the risks of unintended policyholder and carrier consequences grows - sometimes exponentially. During this 90-minute video presentation, our nationally recognized insurance experts outline AI business risks, coverage resources, and the ways insurance companies are preparing for a business landscape that increasingly relies on AI. Insurance underwriting and other AI risk management considerations will be explored, as well as potential coverage conflicts that could arise under currently available policies when AI causes a loss. Agenda topics include: AI, machine learning (ML), and robotic applications in today’s world Generative AI: What is it, should its risks be managed differently, and how it is being used today and tomorrow Applications and liability exposure: Seeing the blind spots for you and your client Risk management best practices Policy solutions and underwriting considerations Litigation landscape: Potential coverage issues arising from AI and ML Bias and discrimination claims Privacy or data breaches Old-fashioned bodily injury or property damage AI applications in "InsurTech": Maximizing the benefits and minimizing the pitfalls

Literature

State Status Total Credits Type Of Credit Approved Thru
AlaskaApproved1.50GeneralOn-going
ArizonaApproved1.50GeneralOn-going
ArkansasApproved1.50GeneralOn-going
CaliforniaApproved1.50Participatory07/26/2028
ColoradoApproved2.00General12/31/2025
ConnecticutApproved1.50GeneralOn-going
DelawareApproved1.60General07/26/2025
FloridaApproved2.00General or Technology04/30/2025
HawaiiApproved1.50General07/26/2025
IdahoApproved1.50General07/26/2028
IllinoisApproved1.50General09/12/2025
IndianaApproved1.50General10/19/2024
IowaApproved1.50General07/26/2024
KansasApproved1.50General10/08/2024
KentuckyApproved1.50General06/30/2024
LouisianaApproved1.50General09/12/2024
MainePending State Response0.00
MinnesotaApproved1.50General09/19/2025
MississippiApproved1.60General09/12/2024
MissouriApproved1.90GeneralOn-going
MontanaApproved1.50General07/27/2026
NebraskaApproved1.55General07/26/2025
NevadaApproved1.50General12/31/2026
New HampshireApproved1.60General08/22/2026
New JerseyApproved1.50GeneralOn-going
New MexicoApproved1.60General08/22/2028
New YorkApproved1.50SkillsOn-going
North CarolinaApproved1.50General12/31/2024
North DakotaApproved1.50General07/27/2026
OklahomaApproved2.00General10/22/2024
OregonApproved1.50General07/26/2026
PennsylvaniaApproved1.50General09/12/2025
Puerto RicoApproved1.55General12/03/2024
Rhode IslandApproved1.50General06/30/2024
South CarolinaPending State Response0.00
TennesseeApproved1.55General09/12/2024
TexasApproved1.50General09/30/2024
VermontApproved1.50GeneralOn-going
VirginiaApproved1.50General10/31/2024
WashingtonApproved1.50General09/30/2024
West VirginiaApproved1.86GeneralOn-going
WisconsinApproved1.50GeneralOn-going
WyomingApproved1.50General09/12/2024