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LOUISVILLE, Kentucky, November 7, 2023 — As fears continue to grow over AI and its ability to discriminate against minorities and other protected populations, insurers are seeking new ways to utilize technology to make policies more inclusive for underserved populations.
Effective November 14th, a new regulation adopted by the Colorado Division of Insurance (CDI) prohibits life insurance companies from using external consumer data and information sources, algorithms, and predictive models to discriminate based on race.(1)
This new law comes at a time when consumer fear is at an all time high over the ways in which insurers are using data and predictive modeling against them, unfairly preventing them from securing affordable life insurance policies.
What most consumers are unaware of is the fact that the majority of life insurance companies are severely behind the times, only looking at data through the scope of five major data points: age,…
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