Author: Ton Reijns, Richard Weurding, Jos Schaffers
Publisher: KPMG International
Publication Year: 2021
Summary: The following article discusses how the European Commission and corresponding European Union General Data Protection Regulation (GDPR) laws have established a framework for ethical artificial intelligence (AI) usage, specifically within the insurance industry. The Dutch have adopted and mandated their own set of standards based off these, with emphasis on 7 requirements for responsible AI: 1). Human agency and oversight, 2). Technical robustness and safety, 3). Privacy and data governance, 4). Transparency, 5). Diversity, non-discrimination and 7). Fairness, societal and environmental well-being, and accountability. In insurance, especially with medical data, it is especially important for insurers to maintain privacy and transparency with how they use patient data and determine rates. Regulatory frameworks give a basis on what to aim for, but stronger ethical practices still are recommended.