Artificial Intelligence and the Insurance Industry

The scope of AI in the insurance industry is expanding and now insurers use it in a wide range of business streams, from product development to insurance pricing, risk calculations, campaign management and fraud detection. While the benefits of AI are undisputable, questions around its trustworthiness cannot be neglected. There is a need for insurers to adapt their governance structures and control frameworks and ensure their AI systems do not cross acceptable boundaries. Fairness and inclusion are essential for building trust. Regulatory attention, naturally, is shifting to promoting these principles.