02.24.25

Ethics and AI Use in Insurance

by: Rayne Morgan

There are four major ethical challenges faced by insurance professionals when it comes to using AI, according to a Reuters panel: built-in bias, human talent, transparency and regulation. Panel members said such uncertainties can be addressed, but emphasized they would best be done by doing so in a landscape where AI in insurance becomes “table stakes” in the next two years. “I would say put your principles in place, set the guardrails and then go build a thing. Get out there, build something, make sure you evaluate it deeply and understand exactly how it's going to perform in the real world, but get out there and build something,” said Patrick Miller, head of data and AI at Newfront. “Look, you don't want to wake up three years from now and not move the needle. That is absolutely the wrong answer. You have to keep that top of mind and keep pushing forward,” added Richard Wiedenbeck, chief AI officer, Ameritas.

Read the full article on Insurance News Net