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Insurance Commissioner’s Perspective: Innovation as a Driver for Change
Social justice is an easy goal on which to agree, though as the events of the past year have taught us, we often fall short transforming the aspirational into reality. That doesn’t mean we stop trying, and in as vital an industry as insurance, the need to ensure we properly and fairly serve all consumers has never been greater nor more widely understood.
Executive Summary
While some insurance professionals focus on the potentially negative outcomes of using AI in insurance, Connecticut Insurance Department Commissioner Andrew Mais believes positive possibilities make exploring AI insurance applications more than worth it. "AI will bring better targeted, more relevant and better priced products to market, along with easier ways to uncover and eliminate discriminatory practices," he writes. Mais, who is also Secretary Treasurer of the National Association of Insurance Commissioners, also reports on the NAIC's efforts to make sure the good outweighs the bad.Executive SummaryWhile some insurance professionals focus on the potentially negative outcomes of using AI in insurance, Connecticut Insurance Department Commissioner Andrew Mais believes positive possibilities make exploring AI insurance applications more than worth it. “AI will bring better targeted, more relevant and better priced products to market, along with easier ways to uncover and eliminate discriminatory practices,” he writes. Mais, who is also Secretary Treasurer of the National Association of Insurance Commissioners, also reports on the NAIC’s efforts to make sure the good outweighs the bad.
Here in the insurance capital of the known universe, the Connecticut Insurance Department believes that our charge to protect consumers includes encouraging competition and facilitating the provision of as many relevant products as quickly and as affordably, for as many consumers, as possible. We all need insurance. We all should have it.
