The National Association of Insurance Commissioners has issued guidance to insurance companies about existing laws and governance requirements they need to follow as they develop and use AI models. Experts say it's a good first step.

In other news: Nationwide launches digital platform Pet HealthZone and Bain Capital Insurance closes its 1.15B inaugural private equity fund.

Consumers preferred to share data using smart devices in the home: 45% said they are happy to share information via Amazon Alexa, Google Home and the like. A little over a third of consumers (36%) said they were willing to share data through wearables or fitness health tests.

The chief financial officer must play a crucial role in determining the strategy and tactics to automate and standardize key processes throughout the organization.

Companies will put new artificial intelligence systems through internal and external testing before their release.

In other news: Embroker names new CEO and Swiss Re announced global head of property and casualty solutions.

Coterie Insurance, a small business insurance underwriter, is seeking to expand its ability to provide instant quotes and coverage with AI-powered data technology.

The move comes as incumbent truckmakers face the task of developing battery trucks that require fast-charging points with energy needs akin to small towns, and complex fuel-cell technology.

Digital Insurance's State of Insurance 2023 report also reveals that underwriting technology and staffing difficulties are top of mind for insurers.

The managing director of Arjuna Capital led a successful shareholder activist campaign in 2018 that led to dozens of large companies reporting their true gender pay gap numbers. Now she is pursuing companies who are moving too fast with advanced AI.

The carrier and the payroll services provider are working together to increase the flexibility of workers comp underwriting, based on more up-to-date data.

Roots Automation, Cowbell Insurance and Capitola are among the younger companies that have started using GPT technologies.

In a data breach at OpenAI, some ChatGPT users were able to see other users' financial data. In other cases, users have invoked their dead grandmothers to access information that should have been sealed off.

Companies can collect and analyze customer data to provide tailored offerings and targeted promotions based on customer behavior, preferences, and risk profiles.

Data scientist Cathy O'Neil warns that insurance companies need more risk pooling.

FTC Chair Lina Khan, who testified before Congress Thursday, has raised concerns about AI before, saying enforcers "need to be vigilant early" with transformative tools like artificial intelligence.

In May, the California Department of Insurance sent surveys to property & casualty insurers, to get information about how insurers are using tools like big data, artificial intelligence and machine learning in their decision making processes.

Digital insurance companies could pay more to use banking services that have previously been virtually free as banks tighten regulations and increase prices.

State Farm and Allstate are no longer writing new homeowner policies in California. But some insurtechs argue that with better data, carriers can make more nuanced decisions.