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AI Can Vanquish Bias: Algorithms We Can’t Understand Can Make Insurance Fairer
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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 per risk covered, but that does not mean they are not discriminatory. The author suggest using what is called a…
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Why Embracing Ethical AI is Critical for Insurers
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Author: 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. To ensure an ethical approach to AI, the author recommends building a proper framework, quality assurance process, analytics governance, and…
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