Newfront Establishes AI Risks and Benefits With Bloomberg Beta at the Congressional Artificial Intelligence Caucus

Lin Yuan joined seven industry representatives on Capitol Hill to discuss, demo, and debate the role of Artificial Intelligence in businesses across the country

SAN FRANCISCO, July 12, 2023 /PRNewswire/ -- Newfront, the tech-driven insurance brokerage firm based in San Francisco, joined Bloomberg Beta on Capitol Hill to provide further education on the benefits and risks associated with artificial intelligence (AI) technology. Bloomberg Beta, the venture capital arm of Bloomberg L.P., Newfront Vice President of Engineering Lin Yuan, and seven additional industry representatives appeared before the Congressional Artificial Intelligence Caucus in late June.

"Artificial intelligence has impacted every business in unprecedented ways," Yuan said. "The technology represents an inflection point for many industries and businesses."

Formed in March 2023, the Congressional AI Caucus seeks to inform policymakers of the technological, economic, and social impacts of the advances in AI while ensuring that rapid innovation and its benefits are available to Americans. During the hearing, Yuan presented Newfront's AI-powered Benefits Assistant, which addresses the gap in knowledge many employees have about their company's benefits. In a recent survey, 85% of respondents reported they do not understand the details of what their company offers. 

Yuan demonstrated that the Newfront Benefits Assistant is able to accurately answer questions about FSA and HSA plans, coverage, and more while providing links to benefits manuals to find additional answers, saving human resources staff four weeks a year that would otherwise be spent manually answering questions via email.

The appearance on Capitol Hill coincides with Newfront's release of its AI Principles, one of the first brokerages to introduce an ethical framework for the use of artificial intelligence in the insurance industry.

"It's important that we advocate for the proper use and safety when it comes to this technology," said Yuan, who joined Newfront in 2021 from Lyft. "As we launch AI-powered solutions at Newfront, these principles ensure accuracy and thoughtful, responsible implementation."

The full set of principles includes several core values of the emerging AI ethics community, including favoring a human-in-the-loop approach and avoiding the reinforcement of unfair biases.

"All of our externally-facing AI products receive formal reviews to ensure that what we deliver is accountable to these principles," said Newfront Head of Data Patrick Miller.

To learn more about Newfront, visit https://www.newfront.com/.

About Newfront
Newfront is transforming the delivery of risk management, employee experience, insurance, and retirement solutions by building the modern insurance platform. Transparent data delivered real-time translates into a lower total cost of risk and greater insights. Newfront makes insurance work for you. Headquartered in San Francisco, Newfront has offices throughout the country and is home to more than 800 employees who serve clients across the United States and globally.

MEDIA CONTACTS:
Traci Johnson
Newfront
[email protected]

Natasha Koleas
PAN Communications
949-397-7582
[email protected]

SOURCE Newfront

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