The Association of British Insurers (ABI) is working with experts to produce a guide to responsible AI innovation.
Focused on consumer outcomes, the first sector-specific guide will set out how insurers and those in the long-term savings industry can work within the UK government’s five principles around accountability, transparency, fairness, safety, contestability and redress.
The guide, which will be developed by the ABI’s AI Working Group, which includes experts across actuarial, data science, data protection, legal, regulation and compliance, will also support businesses in maximising the benefits of AI, including improved affordability, accessibility, and availability, while also mitigating against the risks of discrimination, bias and exclusion of consumers.
Its aim will be to help businesses develop a responsible AI strategy, be inclusive in their use of AI, use the technology ethically, and understand how to control AI rather than being controlled by it.
Charlotte Clark, Director of Regulation, Association of British Insurers, said: “Artificial intelligence presents new opportunities and risks. By setting out practical resources, questions our industry needs to consider, and regulatory requirements, we hope this guide will support firms in starting conversations about AI and get a clearer understanding of what the responsible use of AI looks like.
“We’re grateful to our members for sharing their experiences and expertise, which has been at the heart of the guide throughout its development. Close collaboration between business, government and regulators is key to being able to adapt and respond to this evolving technology and we look forward to continuing to work together as the AI landscape progresses.”
