Oklahoma Reminds Insurers to Play Fair If They Want to Use AI | Insurify [Video]

As artificial intelligence (AI) takes seemingly every industry by storm, insurance regulators are reminding insurance companies to prioritize protecting consumers if they intend to use the technology. Oklahoma recently became the latest U.S. state to inform all state-licensed insurers that any AI use must comply with established laws and regulations.

“With new technologies comes the responsibility to ensure Oklahoma’s industry innovates while maintaining consumer protection,” said Glen Mulready, Oklahoma’s insurance commissioner, in a press release. “We hope to see artificial intelligence used to increase efficiencies and improve overall experiences.”

Could AI affect insurance rates?

Industry experts expect AI to influence how insurers set rates, which means it could affect insurance costs. The National Association of Insurance Commissioners (NAIC) posted background information and guidance about AI and wrote that insurance companies will begin using AI technology in significant ways, affecting everything from policy availability to premiums.

“AI will enable insurers to move from a ‘detect and …