Insurance Markets: Benefits and Challenges Presented by Innovative Uses of Technology

Abstract

The innovative use of technology by insurance companies has the potential to improve customer experiences and lower costs. But it could also create risks for consumers and challenges for regulators. For example, we found that some insurers have begun to use artificial intelligence to explore ways to reduce costs by automating information gathering and risk assessment. However, this could make it more challenging to ensure that factors like race are not being used in the models that determine premiums. We also found that how insurers collect and use consumer data raises questions about data accuracy, privacy, and ownership.

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Document Details

Document Type
Technical Report
Publication Date
Jun 07, 2019
Accession Number
AD1166527

Entities

People

  • Anna Maria Oritz

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Air Platforms
  • Autonomy
  • Biomedical
  • Cyber
  • Materials and Manufacturing Processes

DTIC Thesaurus Topics

  • Artificial Intelligence
  • Big Data
  • Blockchain
  • Commerce
  • Computer Programs
  • Computers
  • Congress
  • Distributed Ledger
  • Electronic Mail
  • House Of Representatives
  • Information Science
  • Information Security
  • Internet
  • Law
  • Machine Learning
  • Mobile Application Software
  • Social Media
  • United States
  • United States Government
  • Websites

Readers

  • Government and Public Administration Law.
  • Life Cycle Cost Analysis
  • Systems Analysis and Design

Technology Areas

  • AI & ML
  • AI & ML - DoD AI Strategy