In the move to modernize and improve how Texas’ do business in terms of the insurance market, DOI commissioner Kent Sullivan is evaluating practices to ‘upgrade’ the landscape.
Shortly after David Mattax passed away in 2017, Sullivan took over his place and plan for automating the policies. By integrating artificial intelligence, Sullivan believes that this move can do a better job in protecting the consumers.
In the time that Sullivan was in charge of the Department of Insurance, he found out that policy reviews are already outdated and rely entirely on manual work.
“I think by modern, cutting edge, standards someone might describe it as a disproportionately manual system. It simply wasn’t the sort of system that we wanted either for speed, for the efficiency of resource allocation, or for regulatory consistency purposes,’’ said Sullivan.
The use of these technology aims to easily determine what’s already reviewed and approved or disapproved. Efficiency speaking, having to improve how data is organized will make the work faster, hence, consumers getting quality service.
In addition to this, Sullivan also claimed that having AI and automation also helps deal with certain issues and use data from other states.
Sullivan said in an article published by Insurance Journal, “You can at least see whether other states have addressed a particular issue that is raised by a policy provision.’’
Texas’ Current Insurance Market
With a population of more than 25 million, which is the second largest in the United States, Texas is a thriving state when it comes to the insurance market.
According to data from the Texas Department of Insurance, 2018’s improvements include better tracking and convenient options for requestors and review processes.
With the addition of advanced technology, particularly artificial intelligence, it is expected that the DOI will continue to serve consumers better.