The Predict & Prevent™ Podcast Episode 4: Integrating Insurance Regulators into the Predict and Prevent Conversation
Insurance regulators are important partners as insurers transform how they work with consumers to move beyond detect and repair and promote Predict & Prevent. In the latest Predict & Prevent™ podcast episode, “Policymaker Perspectives,” regulatory leaders share their perspective with listeners.
Serving as a special guest host for this episode is Frank Paul Tomasello, executive director of The Institutes’ Griffith Insurance Education Foundation, which serves public policymakers by providing non-partisan and non-advocative resources and programs designed to provide a greater understanding of insurance and risk management.
Tomasello speaks with Elizabeth Kelleher Dwyer, director of the Department of Business Regulation for Rhode Island, and Andrew Mais, insurance commissioner for Connecticut, on how they view the risk challenges society is facing and how they balance a need for consumer protection and trust with support for innovation and technological advances.
In the first segment of the episode, Tomasello and Director Dwyer, who also serves as the top insurance regulator in Rhode Island and is chair of the National Association of Insurance Commissioners’ Big Data and Artificial Intelligence (H) Working Group, discuss how insurers cannot respond to growing risks alone. They dive into how to encourage consumer resilience, regulatory embrace of technology and innovation, clarifying rebating laws for mitigation, and working closely with Insurtechs.
“You hear a lot about climate change and the effects that we’re going to see in the next couple of decades. The innovation side can mitigate that, right?” said Director Dwyer.
“I think it really is a very positive thing. There are concepts that you and I cannot conceive of right now that will be realities in 10 years. And my hope is that those realities help the insurance landscape to moderate any swings that would be detrimental to the market and to consumers.”
In the second segment of the episode, Tomasello and Commissioner Mais, president-elect of the National Association of Insurance Commissioners, explore the challenges posed by climate risks, the value of a more collaborative approach, how consumers benefit from innovation and technology, the ROI of risk mitigation, promoting consumer education about risk, and working toward a better future.
“The opportunities that are available there with AI, with machine learning, with all the various other subsets, that will enable us to manage risk better. It will enable us to foresee risk better,” Commissioner Mais said.
“We can pick out whatever as a couple of standard deviations down the road. We can mitigate that risk. But for the individual consumers, and this is where AI is very important, it means that you can get a product that’s better suited to you, that’s as relevant as possible while still benefiting from the idea that insurance is about spreading the risk for everyone.”
To listen to this and other episodes, visit predictandprevent.org, or look for Predict & Prevent on most podcasting platforms. New episodes come out every two weeks. &
Insurance regulators are important partners as insurers transform how they work with consumers to move beyond detect and repair and promote Predict & Prevent, say regulatory leaders in “Policymaker Perspectives,” the fourth episode of the Predict & PreventTM podcast. Special guest host
Frank Paul Tomasello, executive director of The Institutes’ Griffith Insurance Education Foundation, welcomes guests Elizabeth Kelleher Dwyer, director of the Department of Business Regulation for Rhode Island, and Andrew Mais, insurance commissioner for Connecticut. Together they review some of the risk challenges society is facing, and how policymakers balance a need for consumer protection and trust with support for innovation and technological advances.