MIB, the life insurance industry’s most trusted and secure partner for data-driven risk management and digital services announced a collaboration agreement with Tritura, a leading provider of legal and compliance data investigation and testing services, to support the life insurance industry in addressing evolving regulations regarding algorithmic accountability.
Accelerated underwriting techniques, use of which has ramped up since the onset of COVID-19, apply artificial intelligence algorithms and external sources to make faster underwriting decisions, benefiting both consumers and insurers. These algorithms have come under increased regulatory scrutiny recently, as states have begun to pass legislation and regulations which, in some cases, require certification and testing to ensure algorithms do not result in unfair discrimination by race or other protected class characteristics.
MIB and Tritura are teaming up to provide services that help life insurance carriers collect and analyze data and provide reports that can be used to respond to emerging algorithmic accountability legislation and regulations. MIB has a long history of collecting confidential data for its members in the life insurance industry, keeping it safe and providing unique insights to help move the industry forward. With their unique data connections, industry relationships and life insurance expertise, MIB is uniquely and ideally suited to assist carriers in responding to these emerging regulations.
The solution will be delivered with the support of Tritura, who brings expertise in data science, AI and knowledge of evolving regulatory standards to the partnership. “MIB and Tritura share an objective to help our clients make insightful, data-driven decisions,” said Bennett Borden, Tritura Executive Managing Director. “We are excited to be working with MIB to help their members navigate the emerging regulatory expectations while continuing to minimize their underwriting risk and reap the efficiency benefits of automated underwriting.”
“MIB is dedicated to providing innovative products and services that address common industry pain points, and it is through close engagement with our members, industry associations, regulators and the NAIC that we were able to identify the industry’s need to collect and analyze data and provide reports consistent with emerging algorithmic accountability requirements,” said Christie Corado, MIB’s General Counsel, Corporate Secretary and Chief Privacy Officer. “By combining MIB’s existing data connections, security protocol and insurance regulatory knowledge with Tritura’s data science expertise, we are able to provide our members with a cost-effective industry-wide solution to address this emerging issue.”