The Centre for Data Ethics and Innovation paper discusses potential use of AI across insurance profession
The Chartered Insurance Institute (CII) has backed a report that argues the insurance sector must engage with the public to reach a consensus on what constitutes the responsible use of artificial intelligence (AI) and data.
The Centre for Data Ethics and Innovation paper, AI and Personal Insurance, discussed the potential use of AI across the insurance profession and how it should be used.
It suggested the sector should engage with the public to reach an agreement on what constitutes a responsible use of AI.
For example, the paper advised considering under what conditions it is acceptable to process data from social media platforms or use algorithms to predict people's willingness to pay higher premiums.
The CII said the insurance profession was encouraged to consider if tighter controls should be put in place on the use of personal characteristics in pricing. The report also recommended the public should have a say in any decision on where to redraw the boundary between acceptable and unacceptable forms of discrimination.
CII managing director Keith Richards (pictured) said: "The report rightly identifies common ground on what constitutes an ethical use of AI is required and we are pleased the authors state the Chartered Insurance Institute's Digital Companion to their Code of Ethics is a step in the right direction."
He said the CII agrees the profession needs to involve the wider public in this debate to help insurers determine when it may be unacceptable for them to use AI to infer characteristics about their customers.
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