Career Advancement and Management Committee of the New York City Bar

The City Bar Task Force on Digital Technologies dives into the complex landscape of artificial intelligence (AI) in the insurance sector, highlighting the unique regulatory environment in the United States where insurance is state regulated. It discusses the role of key states such as New York and Colorado and the national guidance provided by the National Association of Insurance Commissioners (NAIC) on the use of AI in insurance in a range of areas. The podcast features expert insights from Jerome Walker, Sophia Duffy, Azish Filabi, and Corey Goldstein, who discuss and compare the transformative effects of AI in insurance, focusing on actions by the New York State Department of Financial Services, the Colorado Division of Insurance and NAIC on ethical implications, the challenges of managing third-party algorithm developers, and recommendations for a national framework to ensure AI's ethical use in insurance. They elaborate on the roles of governance, testing, and third-party vendor management in complyin