Viewpoint: The Need for Artificial Intelligence Governance

Artificial intelligence, and more specifically machine learning, is being deployed in the insurance space in some very exciting ways -- from assessing underwriting risks to determining pricing to evaluating claims. But with these advances come sizable risks, some of which are already surfacing. Insurers need to take a proactive approach to mitigate risks so that they don't wind up experiencing the same financial and reputational difficulties that other industries have seen. In 2019, Apple launched a branded credit card in partnership with Goldman Sachs. Before long, users noticed that women were generally being offered lower preapproved credit lines than men.