The ABI has published a guide on the responsible use of AI which sets out how firms in the insurance sector can put the Government’s five principles of AI into practice. As a reminder, these are accountability, transparency, fairness, safety, contestability and redress.
The aim of the guide is to help firms maximise the benefits that AI can bring to the insurance sector whilst also mitigating the potential risks posed. It also sets out examples of how AI is used in insurance and long-term savings and good practice relating to algorithms.