As artificial intelligence reshapes the insurance landscape and climate-related disasters become increasingly frequent, regulators face the complex challenge of fostering innovation while protecting consumers. This episode of the Predict and Prevent podcast explores these pressing issues through the lens of a regulatory leader navigating these very challenges.
Scott A. White, commissioner of the Virginia State Corporation Commission's Bureau of Insurance and president-elect of the National Association of Insurance Commissioners (NAIC), discusses how regulators are encouraging innovation while establishing necessary guardrails in the latest episode of the Predict & Prevent® podcast from The Institutes with guest host Frank Paul Tomasello, executive director of The Institutes’ Griffith Insurance Education Foundation.
The conversation explores how regulators are adapting to advances in AI and predictive modeling, particularly in property and casualty insurance rate-making. White discusses the regulatory community's focus on ensuring transparency, preventing discriminatory outcomes, and protecting data privacy while supporting industry innovation. He also highlights the growing emphasis on resilience and mitigation strategies, including state-level programs that provide incentives for consumers to adopt loss prevention measures. The discussion concludes with White's perspective on the durability of the state-based regulatory system and his outlook for the future of risk management and insurance.
Resources:
Virginia Bureau of Insurance: https://www.scc.virginia.gov/consumers/insurance/
National Association of Insurance Commissioners: https://content.naic.org/
The Institutes Griffith Educational Foundation: https://www.griffithfoundation.org/
The Institutes: https://global.theinstitutes.org/
Predict & Prevent website: https://www.predictandprevent.org/
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