Businessinsurance.com reported that “Artificial intelligence and other technologies hold great promise for the insurance industry but are not without issues, such as adoption and security…” The January 17, 2019 article entitled “AI holds promise for insurance industry, but with caveats” is based on a “panel of insurance and technology industry executives speaking at the Insurance Information Institute’s Joint Industry Forum in New York” who opined:
There are two areas that the customer is thinking about,… data and the algorithms that use the data.
They [customers] seem willing to share data,… but become more skeptical when considering the algorithms, concerned about “the fairness and acceptability of using computers to make decisions.”
I think what’s important is, as we develop AI systems, we develop them in a way that lends itself to fair outcomes
Stay tuned to see how AI works out for the insurance industry.