March 25, 2025

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AI Revolutionizes Healthcare and Insurance with Breakthroughs and Concerns

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Recent advances in artificial intelligence have been transforming various sectors, including healthcare and insurance. With AI's ability to process vast amounts of data quickly and accurately, it has the potential to improve efficiency and decision-making in these fields. However, there are also concerns about the use of AI, particularly in regards to bias, transparency, and patient outcomes.

Anixa Biosciences Enters Letter of Intent with VERDI Solutions

Anixa Biosciences has entered into a letter of intent with VERDI Solutions to develop personalized and off-the-shelf peptide vaccines for cancer patients. VERDI Solutions uses artificial intelligence and advanced cloud computing to accelerate the development and implementation of personalized cancer vaccines. The company's cloud-computing platform enables the rapid development of personalized peptide vaccines tailored to individual cancer patients. Anixa Biosciences plans to initiate clinical trials in the United States, while VERDI continues to develop personalized vaccines for individual treatment attempts in Europe. The letter of intent provides Anixa with the optionality to collaborate on the further development of VERDI's technology.

Florida Bill Aims to Stop Artificial Intelligence from Denying Insurance Claims

A bill in Florida aims to stop insurance companies from denying claims based on decisions made by artificial intelligence. The bill would only allow such decisions to be made by a 'qualified human professional.' This move is seen as a step towards protecting consumers from potentially biased AI decisions. AI is currently used by insurers mostly for making risk assessments, and the bill would require human reviews of decisions to deny insurance claims. The bill has cleared the Senate's Banking and Insurance committee and is pending further action.

AI is Speeding Up Insurance Claims, but at What Cost?

The use of artificial intelligence in health insurance is increasing, with some states passing legislation to restrict AI-driven decisions. While AI promises efficiency, there are risks like bias, lack of transparency, and potential errors that raise significant questions about its role in medical decision-making. Some experts argue that AI cannot fully understand a patient's unique medical history or needs, and its misuse can lead to devastating consequences. As a result, there is a growing need for human oversight in healthcare decisions.

Korea University Medical Center to Pursue Precision Medicine, Large AI

Korea University Medical Center is integrating artificial intelligence into its treatment systems, enhancing privacy and its use of medical data, and transitioning to precision medicine. The hospital is creating an AI-based system for tracking, monitoring, and managing bed occupancy and medical resource utilization in real-time. It is also building a cloud-based data lake with Amazon Web Services to efficiently store and analyze big data, supporting precision medicine research. The organization plans to develop AI-based chatbots and telehealth platforms and integrate large language models and retrieval augmented generation frameworks.

Health Insurers' Rapid Adoption of AI Tools is Outpacing Regulators' Ability to Keep Watch

The rapid adoption of AI tools by health insurers is outpacing regulators' ability to keep watch, with some states passing legislation to restrict AI-driven decisions. AI offers big financial benefits for insurers, but its impact on patients is harder to track. Some experts argue that AI can lead to bias and errors, and there is a need for human oversight in healthcare decisions. Regulators are struggling to keep up with the pace of AI adoption, and there is a growing need for standardized regulations.

As the Trump Administration Loosens AI Rules, States Look to Regulate the Technology

The Trump administration has loosened some artificial intelligence regulations, but states are taking steps to regulate the technology. Several states are pursuing legislation on the safe use of AI, including bills that require companies to implement consumer protections and outlaw fake photos and videos. Some states are also regulating the use of AI in healthcare decisions, with bills that would prohibit AI from being the sole factor in decisions to deny, delay, or modify healthcare services.

Should AI be Allowed to Deny Your Insurance Claim?

A Florida Senate Committee is considering a bill that would keep insurance companies from relying on artificial intelligence to deny claims. The bill would require 'human reviews' of decisions to deny insurance claims and prevent AI from being the basis for denials. The measure would provide protections for consumers and ensure that insurance companies are not using AI to unfairly deny claims.

The National Association of Mutual Insurance Companies (NAMIC) has stated that policy discussions on the use of artificial intelligence in insurance are 'unfounded' and 'detrimental to policyholders.' NAMIC argues that the use of AI in insurance underwriting and rate making has led to concern over proxy discrimination and algorithmic bias, but these concerns are not supported by evidence. The organization believes that any regulation aimed at the industry's use of AI in pricing must be unique to the industry and not restrict an insurer's ability to price a policyholder's risk.

Youngkin Vetoes AI Regulation Legislation in Virginia

Virginia Governor Glenn Youngkin has vetoed a bill that would regulate artificial intelligence in the state. The bill would have created requirements for the development, deployment, and use of 'high-risk artificial intelligence systems' and established civil penalties for noncompliance. Youngkin argued that the bill would establish a 'burdensome' framework for AI and undermine the state's progress in the industry. The veto is seen as a setback for efforts to regulate AI in Virginia.

Key Takeaways

  • AI is being used in various sectors, including healthcare and insurance, to improve efficiency and decision-making.
  • There are concerns about the use of AI, particularly in regards to bias, transparency, and patient outcomes.
  • Some states are passing legislation to restrict AI-driven decisions and ensure human oversight in healthcare decisions.
  • Regulators are struggling to keep up with the pace of AI adoption, and there is a growing need for standardized regulations.
  • The use of AI in insurance underwriting and rate making has led to concern over proxy discrimination and algorithmic bias.
  • States are taking steps to regulate AI, including bills that require companies to implement consumer protections and outlaw fake photos and videos.
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Sources

Artificial Intelligence Healthcare Insurance Bias Transparency Patient Outcomes Regulation