Most experts advise insurers not to expect federal AI guidelines

Waiting for Federal AI Guidelines

In recent discussions, most legal and insurance industry experts have pointed out that federal guidelines for artificial intelligence (AI) are unlikely to emerge soon, especially under the current Trump administration. This lack of anticipation for regulatory guidance poses questions for the insurance sector, which is increasingly integrating AI technologies into their operations.

Expert Opinions

Industry experts have expressed skepticism about the proactive development of AI regulations. They suggest that the government is focusing on other priorities and that comprehensive frameworks for AI use in insurance might be delayed further. This sentiment suggests that insurers may need to continue their efforts to self-regulate or adhere to existing standards without the support of new federal guidelines.

Impact on Insurers

Insurers utilizing AI for underwriting, claims processing, and customer interactions might find this lack of federal guidance both a challenge and an opportunity. On one hand, the absence of delineated regulations can allow for greater innovation and experimentation with AI technologies. On the other hand, it raises concerns about ethical use, data security, and compliance risks.

Looking Ahead

As the insurance industry continues to leverage AI, the absence of federal guidelines may necessitate more robust internal policies and continuous dialogue among stakeholders. Insurers might need to invest in developing their regulatory frameworks to mitigate potential risks associated with AI deployment.

In summary, while there’s a clear need for structured guidance on the use of AI in insurance, experts currently believe the establishment of federal guidelines may be a distant prospect.

Original Source: https://insurancenewsnet.com/innarticle/most-experts-advise-insurers-not-to-expect-federal-ai-guidelines