Author: Michelle Seng Ah Lee
Publisher: Medium
Publication Year: 2022
Summary: The following article discusses the ethical concerns associated with the implementation of artificial intelligence (AI) programs in the insurance industry. Beyond privacy issues arising from the collection and use of sensitive insurance-resulted data, concerns regarding fairness and equality have also been brought up concerning these AI programs. The article states that although AI has allowed insurance to become more accessible to some people, in other instances, however, AI programs have been shown to exclude individuals who are deemed “too risky” (on the basis of income), causing them to face unaffordable insurance premiums. However, these individuals are generally less financially well-off, and, unlike their wealthier counterparts, need access to affordable insurance programs, rather than being burdened by hefty insurance premiums. Discrimination on the basis of income, race, and gender have also been detected in several AI insurance programs. Overall, this article showcases how, while these ethical issues will never be completely eliminated, it is important to thoroughly address/acknowledge them in order to mitigate bias and discrimination within AI programs in the insurance industry.