July 31
2021
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Anjum Shabbir
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17th June 2021
Data, Tech & IP

Artificial Intelligence guiding-principles for the insurance sector

A report setting out (non-binding) artificial intelligence governance principles for private insurance has been published by a multidisciplinary expert group of the EU Agency EIOPA, the European Insurance and Occupational Pensions Authority.

The expert group identified opportunities and risks, such as threats to how fairly vulnerable individuals may be treated, associated with the growing use of AI in the insurance sector - in risk assessments, pricing practices, claims management processes, fraud and more, by improving accuracy, automation, new products and services or cost reduction.

The six principles it suggests be followed are:

Proportionality; Fairness and non-discrimination; Transparency and explainability; Huma
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