Irish Times Special Report: How ethical is it to use AI in insurance?
- Date: Tue, Jun 6, 2023
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By Edel Corrigan, contributor to The Irish Times
Image courtesy of the IrishTimes.com
Artificial intelligence (AI) and its seemingly endless applications to every sector, industry, and technology have been in the news again of late with the release of Chat GPT. While innovations such as these cause a splash – and sometimes a little fear – the use of AI in industry has been around for some time. In the insurance industry, AI is used to assess risks and claims – but has AI inherited bias from its human creators, and is it ethical to use it?
AI and Insurance
The insurance industry has a deep heritage in data analytics where data has always been collected and processed to inform underwriting decisions, price policies, settle claims and prevent fraud, says Jean Rea, partner, applied intelligence, KPMG. “It is therefore not surprising that there are many opportunities arising for the use of big data and analytics including AI in insurance.
“There are a broad range of uses of big data and AI across the insurance value chain – for example, they can be used to improve product offerings for consumers, develop more targeted and personalised marketing campaigns, improve customer experience through automating and digitalising the customer journey, and so on.”
Read the full article here. This article first appeared on IrishTimes.com 4th May 2023.
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