Building a Code for the Ethics of AI - Insurance Insights

Unlocking the business value from big data is probably the biggest challenge any company working on an analytics implementation can face. For any insurance industry player intent on designing products fit for the future, and fit for a diverse and ethically-driven organisation, there's a need to consider the ethical component being built into algorithms and scores. The financial regulator the FCA has published its vision for the use of AI and big data in insurance, and some important next steps. It has said the sophistication of AI has great potential for social good, and for solving many of the problems it faces from a supervisory perspective. There's already been some notable successes, for example in supervising large populations of small brokers and other firms, effectively being able to see the "wood from the trees".