Category: Insurance
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Big Data Ethics Recommendations for the Insurance Industry
Author: Christian Mottas; Publisher: University of Zurich; Publication Year: 2019. The following article discusses how insurers should not use data that is not related to the insured risk because such behavior will damage the customer’s…
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Challenges of AI Ethics in Insurance
Artificial Intelligence, Data Collection, Data Usage, Discrimination, Gender Discrimination, Income Discrimination, Racial DiscriminationAuthor: Michelle Seng Ah Lee; Publisher: Medium; Publication Year: 2022. 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…
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Ethical Use of Big Data in Financial Services
Author: N/A; Publisher: Institute of Chartered Accountants in England and Wales. Publication Year: N/A. The following article introduced 3 groups of principles and respective examples that could potentially identify, prevent and resolve ethical tensions in…
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Regulators Look at How “Big Data” May Contribute to Racial Bias in Insurance Rates
Author: Harriet Jones; Publisher: Marketplace; Publication Year: 2021. The following article describes how the pricing model has become more sophisticated over the years, the factors that decide the insurance rates have become more numerous and…
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FairPlay Launches AI Bias Detection Product for the Insurance Industry
Author: N/A; Publisher: Cision PR Newswire; Publication Year: 2022. The following article discusses how FairPlay is the world’s first “Fairness-as-a-Service” solution for algorithmic decision-making. The company provides lenders with easy-to-use tools that assess and reduce…
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Ethics, Data and Insurance: 4 Developments Worth Watching
Author: Duncan Minty; Publisher: Scandinavian Insurance Quarterly (SIQ); Publication Year: 2017. The following article discusses how the insurance industry has long been using historical data to underwrite, price, and manage risks. The advanced algorithms that…
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AI Can Vanquish Bias: Algorithms We Can’t Understand Can Make Insurance Fairer
Author: Daniel Schreiber; Publisher: Lemonade; Publication Year: N/A. The following article discusses how the availability of big data and improvement in computing power now allows insurance companies to price more fairly in terms of premium…
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Why Embracing Ethical AI is Critical for Insurers
Analytics Governance, Artificial Intelligence, Bias, Documentation, Ethical Approach, Frameworks, Insurance, Quality Assurance, Subject Matter ExpertiseAuthor: Abhishek Lall; Publisher: Verisk; Publication Year: 2021. The following article identifies 3 ways that AI can go wrong in the insurance industry: biased and hidden data, incomplete data, and gaps in subject matter expertise.…