The Connecticut Insurance Department is one of nine state insurance regulators participating in a pilot program to test a web-based platform that uses machine learning.
The pilot states are partnering with RiskGenius, a Kansas-based tech company that has developed software to streamline the form filing process. The goal is to test and experiment with the program to determine if it improves regulatory reviews of insurance company filings and ultimately moves approved products more quickly to the market for greater consumer choice.
“The idea of this pilot program fits perfectly into our commitment of regulatory efficiency and encouraging innovation to enhance our mission of consumer protection,” said Commissioner Katharine L. Wade in a press release. “We want to be able to provide consumers with more access to insurance products that have all appropriate safeguards. Our own in-house improvements have already significantly improved turnaround times for reviews, and this program could add to that efficiency.”
Department examiners review thousands of filings each year to make certain that health, property and casualty (P&C) and life insurance products comply with all state laws and regulations. From 2015 to October 2018, turnaround times for health product reviews were reduced from an average of 93.32 days to 16.19 days; for P&C, the turnaround time went from 71.27 days to 9.64 days. Turnaround time for life and annuity products went from 80.65 days to 4.07 days.
“My administration has continually worked to improve the efficiency of government and has sought to find better ways to deliver services to residents at a lower cost to taxpayers,” said Connecticut Governor Dannel Malloy in the release. “The decision to participate in this pilot program will further those goals and improve our ability to provide critical protections in an accelerated timeline. This is a win for both businesses and consumers.”
State insurance regulators currently review insurance company product filings through the System for Electronic Rates & Form Filing, a program of the National Association of Insurance Commissioners.
“The purpose of these pilots is to show state insurance departments how RiskGenius can improve the filing process by further speeding up turnaround times and driving consistency in rulings,” said RiskGenius CEO Chris Cheatham in the release. “We have been impressed with the engagement from the state insurance departments and their desire to move the industry forward.”
Source: Risk Genius, Connecticut Insurance Department
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