In response to the rapid growth of Artificial Intelligence (AI) and the developing regulatory framework, the Association of British Insurers (ABI) has convened experts to produce a guide to responsible AI innovation.
Written with a focus on the best interests of consumers, the first sector-specific guide of its kind sets out how those working in the insurance and long-term savings industry can put into practice the UK government’s five principles of AI: Accountability, Transparency, Fairness, Safety, Contestability & Redress.
It seeks to help firms maximise the significant opportunities and benefits AI can have to insurance and long-term savings consumers - including improved affordability, accessibility, and availability. But also to mitigate against the potential risks of AI - including unfair discrimination, bias and exclusion of consumers.
Developed collaboratively by the ABI’s AI Working Group, which includes experts across actuarial, data science, data protection, legal, regulation and compliance, the guide includes some of the key questions firms should ask themselves to assist in the responsible use of AI. It also features a set of good practice examples relating to algorithms, an outline of existing regulations that align with the UK’s five principles of AI regulation, and a set of examples of how AI is used in insurance and long-term savings.
The AI guide aims to help set firms on a path to:
- Develop a responsible AI strategy, governance and oversight of use.
- Be inclusive in their use of AI, empowering people in all roles within the industry to ask questions and not to make assumptions.
- Use AI in the context of relevant conduct, data, and consumer protection regulations and requirements.
- Be in control, so that AI works for consumers and the business, rather than letting the technology drive you.
Charlotte Clark, Director of Regulation, Association of British Insurers, said:
“Artificial intelligence presents new opportunities and risks. By setting out practical resources, questions our industry needs to consider, and regulatory requirements, we hope this guide will support firms in starting conversations about AI and get a clearer understanding of what the responsible use of AI looks like.
“We’re grateful to our members for sharing their experiences and expertise, which has been at the heart of the guide throughout its development. Close collaboration between business, government and regulators is key to being able to adapt and respond to this evolving technology and we look forward to continuing to work together as the AI landscape progresses.”
The guide will be launched at the ABI’s Annual Conference, which brings together industry leaders, politicians, regulators and decision-makers, to discuss major issues affecting the insurance and long-term savings industry.
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