Report: Transforming insurance – What are the opportunities and challenges of AI?

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I was delighted to be invited by CMS recently to be the Guest Speaker on AI Ethics at a round table debate for senior executives in the Insurance Industry on the opportunities and challenges of AI on the sector.

AI may be revolutionising many industries but the insurance sector has generally been a slower adopter of the new technology. However, this is starting to change, with numerous InsurTech companies emerging, and insurers and brokers investing in technology and tech companies.

However, with excitement comes risk and a host of issues to consider for individuals, companies, policy makers, and regulators. Key questions that were posed at the discussion included:

  • Just because something can be automated, should it be?
  • How do we ensure the use of AI in the sector will enable us to flourish economically, environmentally and socially, and not disable us?

  • Is it possible for software designers and developers creating AI solutions to deploy data that is free of human bias?

  • Should the use of AI in regulated businesses, such as insurance, be regulated and/or authorised and, if so, how can regulators effectively monitor AI and machine learning in these sectors?¬† Who will be responsible if it goes wrong?

You can download the Report and the views of Intelligent Ethics on the impact of AI in the Insurance industry here.