Summary: In Canadian Underwriter, Daisy CEO Gary Saarevirta says AI could be a way for auto insurers to convince regulators to change the rules around the limitations on underwriting.

Artificial intelligence may be able to help auto insurers convince regulators to relax certain prohibitions on rate restrictions.

In Ontario, insurers are prohibited from using several factors – such as certain at-fault accidents, credit history or how long the client has lived in their current home. The client’s gender and where they live are fair game.

“I understand the rationale for that, but the idea with A.I. is that we can pick the bad apple out of any group of individuals,” Gary Saarenvirta, CEO of Daisy Intelligence, said in an interview on the use of A.I. in claims and underwriting.

“If we can convince the regulators that the technology can do this in a non-biased way, then maybe they would be open to relaxing some of those regulatory limitations on underwriting.” 
Read more.

Learn more about Daisy’s AI-powered underwriting solution, powered by our Theory of Risk.

Recent Posts

How True AI Helps Retailers Drive ROI from IT Investments 

How True AI Helps Retailers Drive ROI from IT Investments 

While the technology industry likes to focus on the future and what’s possible, businesses can find it difficult to overcome challenges or problems that happened in the past.  A few weeks ago, we attended NRF Next, the technology-oriented conference produced by the...

Sign up to receive our newsletter