Insurance regulators are being confronted with rapidly expanding amounts of data that they must sift through to validate compliance with relevant rules and examine to identify evidence of potentially problematic conduct. Relying on technology to assist in these investigatory and oversight activities and replacing legacy manual processes is becoming increasingly common. Moreover, the use of solutions that employ Artificial Intelligence (“AI”) techniques for analyzing this data is on the rise.
In this article, we’ll examine how insurance regulators can use AI to analyze emerging communications data like collaboration, video, and chat, as well as advertising and marketing information for regulatory, privacy, and cybersecurity risks. We’ll also examine how robotic process automation complements AI applications to improve process-heavy supervisory practices.