Meeting Summary - February 3, 2021

FSRA Technical Advisory Committee for Auto Insurance Data & Analytics

Summary of the Meeting of February 3, 2021
Via Teams

Technical Advisory Committee Members Present:

FSRA Members Present:

Tim Bzowey, Ivy Ou, Bruce Green and others from FSRA’s Auto/ Insurance Products team, and Judy Pfeifer from the Public Affairs team were present at the meeting. Members from FSRA’s Auto/ P&C Policy team, as well as Consumer Office were also present.

General Comments

This was the second Auto Insurance Data & Analytics Technical Advisory Committee meeting held by FSRA. The objective of the meeting was to obtain a clear understanding of what consumer data is collected, and how it is used in Artificial Intelligence/ Machine Learning for the auto insurance value chain; to evaluate potential consumer concerns and benefits of using big data in the auto insurance value chain; and to propose pragmatic measures that the industry and the regulator can adopt to ensure fair treatment of consumers.

The committee members engaged in a group discussion to discuss consumer benefits and potential concerns in top application areas for big data analytics (BDA), and proposed definitions for fair treatment of consumers in BDA. The members then participated in breakout sessions to brainstorm and discuss what various industry groups (insurers, third party providers, brokers, etc.) and the regulator could do to mitigate consumer harm, promote fair treatment of consumers, and protect vulnerable consumers.

FSRA reiterated that one of the deliverables that will be produced at the end of the Technical Advisory Committee meetings is a White Paper on Fair Treatment of Consumers in Big Data Analytics. FSRA noted that working group members that have expressed interest in providing advice for drafting the White Paper will be expected to participate in working group meetings and contribute to further discussions for the purpose of producing the paper.