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On Thursday April 27, 2023, the Innovation in Expertise & Regulation (H) Working Group met to debate its 2023 Work Plan, the event of a regulator-to-regulator SupTech Discussion board, a pilot undertaking InsureTech Discussion board, and to listen to a presentation on ChatGPT. The regulators shortly permitted the 2023 Work Plan and closed the assembly listening to the presentation on ChatGPT with out elevating any questions. The substance of the assembly consisted of planning for InsureTech and SupTech Boards.
The working group is growing a regulator-to-regulator SupTech Discussion board. For these not acquainted with the time period, SupTech refers to expertise options designed for supervisory companies in order that they might carry out their supervisory duties extra effectively. SupTech is commonly contrasted with RegTech which consists of expertise options designed to assist regulated entities handle regulatory compliance. The SupTech Discussion board initiative follows final 12 months’s initiative by the North Dakota Insurance coverage Division to leverage blockchain expertise to determine uninsured drivers. In that spirit, the working group’s intention is to leverage the expertise of member regulators to advertise efficient expertise adoption throughout the insurance coverage regulatory group. Connecticut volunteered to share their expertise utilizing AI for contract overview whereas Maryland volunteered to share their expertise implementing current initiatives involving digitization, expense monitoring, and a ticketing system for client complaints.
The working group can also be planning to host an InsureTech Discussion board at this 12 months’s annual Insurance coverage Summit in Kansas Metropolis in September. The InsureTech Discussion board can be a pilot undertaking and thus the working group is in search of volunteers from the regulatory group in addition to insurers and insurance coverage start-ups. The aim of the InsureTech Discussion board can be to listen to pitches on revolutionary applied sciences and merchandise being utilized by insurers and insurance coverage start-ups. Following the Insurance coverage Summit, the NAIC would offer a follow-up report.
Locke Lord will proceed to observe for any developments. In case you have questions, please contact your Locke Lord relationship companion or the writer.
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