In this Insurance Institute of London (IIL) Cyber, Technology & Innovation lecture Simon Konsta will discuss the impact of artificial intelligence (AI) and ways the insurance industry can navigate the moral and ethical maze it creates. In particular, the focus will be on how the insurance industry needs to get on the front foot and develop an ethical framework that will help to guide and support the future use of AI in the industry.
AI use raises a host of ethical challenges and issues for the insurance sector that need to be addressed. How can insurers make sure they’re able to seize rather than stifle AI’s potential? An ethical framework is essential to navigate the challenges ahead. AI is developing and being deployed at a rapid rate. It offers capabilities (such as image and voice recognition, predictive analysis, fraud detection) that were previously the exclusive domain of humans; and the capability to open up rapid and widespread automation of many functions, offering both advantages and danger. To prevent endless legal disputes a new ethical framework is required to help set a robust legal framework in place.
How can they proceed? One way forward is to bring together experts from the fields of technology, law, medicine, risk management, social policy, economics and ethics to enable the industry to review and rebuild its ethical foundations.