Thanks for the follow-up message, phonon. You are absolutely right and we take these concerns very seriously. Insurance is one of most regulated industries for good reasons.
The A/B test can be used for non-insurance products, such as waivers, trip fees, etc. Definitely agree that this is a small niche and won't change anything in the insurance world, but can be valuable for a subset of the companies.
Our goal when designing the product is to make it modular so it empowers our clients with what they need. We have customers that don't use everything we offer, and that's totally cool!
Another issue is "AI based underwriting" which is not allowed in California and other states unless the Department of Insurance of that state has a chance to review your algorithms. (And even then, I wouldn't bet on it.)
California in particular requires full upfront public disclosure of all underwriting rules.[0] (What you can do, is gather data for risk optimization, and use that to inform your underwriting rules when they get periodically updated and filed, but insurance companies more or less do that now.)
The A/B test can be used for non-insurance products, such as waivers, trip fees, etc. Definitely agree that this is a small niche and won't change anything in the insurance world, but can be valuable for a subset of the companies.
Our goal when designing the product is to make it modular so it empowers our clients with what they need. We have customers that don't use everything we offer, and that's totally cool!