actuary highlight need
Actuaries highlight need for ethical use of AI in insurance - Reinsurance News
While artificial intelligence (AI) promises faster and smarter decision making, the Actuaries Institute and the Australian Human Rights Commission (AHRC) worry about potential discrimination and highlight the need to prevent this. To address the issue, they created a Guidance Resource designed to help insurers and actuaries to comply with the federal anti-discrimination legislation when AI is used in pricing or underwriting insurance products. The guidance was developed after a 2021 report by the AHRC that looked at the human rights impacts of new and emerging technologies, including AI-informed decision making. The Actuaries Institute strongly supported the report's recommendations to develop a set guidelines for use by the government and non-government organisations on complying with federal antidiscrimination laws when AI has been used in decision making. It approached the AHRC with a collaboration offer and together they developed these guidelines.
- Law > Civil Rights & Constitutional Law (1.00)
- Banking & Finance > Insurance (1.00)