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July 01, 2024

Scott Kosnoff Provides Insight on Coming AI Regulations for Insurance News Net

Insurance partner and co-leader of Faegre Drinker’s AI-X team Scott Kosnoff lent insight to Insurance News Net on potential AI regulatory and litigation risks in the insurance industry.

The publication reported that litigation related to the use of AI is expected to increase, and Kosnoff noted that insurance companies should prepare for lawsuits and regulatory concerns now by keeping up with regulatory expectations and trends, creating a risk management framework and “having a story” that demonstrates ethical AI usage. 

“I think the best that we can do right now is to have a good story to tell, and by that, I mean a story that credibly demonstrates to our regulators, to a judge in the worst-case scenario, to the New York Times — if they come calling, and they probably will — that our organization appreciates the concerns associated with AI, we’re taking those concerns seriously, and we’re acting with reasonable care to try to identify, manage and mitigate the risk of negative outcomes,” Kosnoff said. 

Kosnoff highlighted that while there is no one-size-fits-all solution, insurance companies must develop a plan to mitigate risk based on company structure and AI usage to help mitigate risks and best serve their clients.

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