Big Data and Predictive Analytics are not “disrupting” but transforming the way insurers underwrite insurance, adjust claims, investigate fraud, and work with regulators. They can allow insurers to base their actions on new sources and types of information and to apply genuinely novel forms of reasoning. Big Data holds the potential of vastly improved customer service that could provide unprecedented efficiency, customer insight and transparency. But it also opens gaps in information and expertise between insurers and their regulators and policyholders. These gaps make basic insurance operations more opaque, with results that will radically disrupt the practice of insurance law and litigation itself.
The CBA’s Insurance Law Section and UConn Law School are dedicating this year’s Insurance Law Symposium to analysis of this transformation. We will begin with an overview of how Big Data is collected and used throughout the insurance industry and then focus on how Predictive Analytics is being used in the claims handling process. Participants will learn about where Big Data comes from; how it changes the mechanics of insurance operations; how it provides new approaches to old problems, such as fraud detection, claim evaluation and litigation strategy; the legal challenges insurers must address in obtaining or developing predictive analytic tools; and the ways regulators plan to respond to these developments—both within Connecticut and through national organizations. Symposium faculty—led by Connecticut Insurance Commissioner Katharine Wade—will address these issues from multiple perspectives, including those of regulators, insurers, InsurTech companies, insurance fraud experts, technologists, policyholder counsel and attorneys who represent insurance carriers.
Who Should Attend: Big Data has changed insurance and is changing the practice of insurance law. This year’s symposium offers an opportunity to earn CLE credit while catching up with this paradigm shift.
A cocktail reception after will allow us to catch up with each other, unimpeded by technology.