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ESG – Social Considerations for Insurers in the US 2021: Policy Makers Concerned with Bias in AI and Automated Underwriting

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ESG – Social Considerations for Insurers in the US 2021: Policy Makers Concerned with Bias in AI and Automated Underwriting

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The “2021 Focus Series: ESG – Social Considerations for Insurers” report from Conning & Company has been added to ResearchAndMarkets.com’s offering.

Concerns about climate change, social justice, and equality have been increasing for years, but in 2021, these concerns are becoming mainstream in all areas of business, including insurance.

This report is the second in a series that will examine how the insurance industry is integrating ESG (Environmental, Social, and Governance) concerns into their operations and reporting.

The first installment, issued in March 2021, provided an overview of ESG, current regulations and disclosures, and a summary of some of the current efforts to standardize ESG regulations and disclosures.

This installment examines social issues, including the important topic of DEI (diversity, equity, and inclusion). The final two reports will, in turn, examine environmental and governance concerns and what companies are doing in each of those areas. As part of each of the reports, the author will include a more detailed analysis of individual companies and their efforts in that area.

ESG issues and regulations are changing quickly, and the changes are almost certain to keep accelerating. Insurance companies that do not stay out in front of the issues will quickly find themselves at a disadvantage.

Key Topics Covered:

Why Now?

  • ESG: A Working Definition

Measuring the Social Portion of ESG

  • “If You Can’t Measure It, You Can’t Improve It.”
  • Measuring Progress on Social Concerns
  • Current State of the Industry: Analyzing BLS Data
  • Scoring the Insurance Industry on Social Concerns
  • Combining Business and Social Missions

Underwriting: the Social Issue at the Heart of Insurance

  • Definition of “Fair”
  • Automated Underwriting- Adding Artificial Intelligence
  • The Ghost in the Machine: How AI Can Discriminate
  • Policy Makers Concerned with Bias in AI and Automated Underwriting
  • The Center for Economic Justice Calls the NAIC to Action
  • The NAIC’s Progress on DEI

The Path Forward

  • “When Theory and Practice Differ, Use Your Horse Sense”

Companies Mentioned

  • Prudential
  • Nationwide
  • Travelers

Source: Conning & Company

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