Under Stricter Regulation, Brokers and Insurers Tap AI to Maintain Compliance

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Insurance Insider

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Insurers and brokers are facing increasing regulatory pressure when reaching out to consumers. From robocalls or texts to solicit customers to showing favoritism by recommending specific car repair services, brokers and insurers must carefully follow regulatory requirements or face potential consequences, including fines and class-action lawsuits. Regulatory scrutiny is growing. Last year, the Federal Communications Commission issued a record $300 million fine against a company that specialized in auto warranty calls. More than 1,500 lawsuits were filed under the Telephone Consumer Protection Act in 2023, which allow consumers to sue for robocalls, or robotexts, with fines between $500 and $1,500 per call or text. Some insurers and brokers are harnessing technology to ensure their call centers are making compliant calls, and to help guide sales and claims agents to have more productive calls. Join Insurance Insider, in partnership with Gryphon.ai, for a free webinar, 11:00 ET, 16:00 BST on May 22, as we explore how technology can help brokers and insurers meet their compliance needs while improving efficiency. Discussion questions include: --Overview of current regulatory environment --What is driving record fines and the growth of class-action lawsuits? --What are the potential pitfalls that brokers and insurers face when contacting consumers? --How technology can help prevent illegal calls --How AI can help guide agents’ conversations --How managers can gain efficiency and ensure quality control through AI innovation --How AI-powered technology can give sales and claims agents more time to focus on their cases --What to consider when turning to AI and technology to improve consumer communication Panel: Marc Butti, Insurance Compliance Director, Gryphon Drew Hirsty, Director of Marketing, Penn Global David Snyder, Vice President, International & Counsel for the American Property Casualty Insurance Association
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