Lack of regulation is hindering use of tech—including AI

22-04-2022

Lack of regulation is hindering use of tech—including AI

Tom Hughes, secretary of the DTMG, IUA; Michael Brunero, head of tech, media & intellectual property, CFC Underwriting

A balanced and proportional regulatory framework for new and evolving technologies is vital to enable its widespread use, according to the authors of a report by the International Underwriting Association.

The lack of regulation, unavailability of trusted data and the public perception of risk are the biggest barriers to the widespread uptake and insurability of new and evolving technologies in the insurance industry, according to a survey conducted earlier this year and published in March by the International Underwriting Association (IUA). The survey, ‘IUA Research on Evolving Technology Risks’, was run among C-suite participants from 20 member companies, four of which were solely reinsurers.

Tom Hughes, secretary of the IUA’s Developing Technology Monitoring Group (DTMG), who discussed the latest survey in a video interview with Intelligentinsurer.com, said the findings revealed that the industry is “proactively” exploring and testing new risks and opportunities associated with emerging tech, but is facing some real challenges that are limiting its development and adoption.

“The regulatory framework currently in place is not sufficient for a broad range of technologies that we surveyed,” Hughes admitted. This includes autonomous vehicles and vessels, unmanned aerial vehicles, cryptocurrency, artificial intelligence (AI) and micro mobility.


International Underwriting Association (IUA), CFC Underwriting, Technology, AI, Insurance, Reinsurance, Tom Hughes, Michael Brunero, London, UK

Intelligent Insurer