Maintaining order without stifling innovation
Insurance is a highly regulated industry in the United States. Each state has its own complex insurance code and its own regulator that enforces and monitors compliance with that code.
In recent years, one thing that’s caught the attention of regulators countrywide is the rise of insurtech. The insurance industry is investing heavily into innovative tools that use artificial intelligence (AI), machine learning, robotic process automation, data aggregation and analytics, with the goal of enhancing their operations, reducing costs, and improving the customer experience.