Socially Responsible Insurance in the Age of AI
The insurance industry needs to navigate the transformative impact of AI in a way that both ensures the sustainability of the industry and gives regulators and consumers confidence that is helping people and society take some risks, and manage them. With more and more data and ability to predict risks, we have the ability to make more conscious choices: about what factors should influence insurance pricing, and how we detect or investigate claims fraud and ensure those choices are fair, and not discriminatory.
These are ethical, social, and technical choices, and to explore what future insurance should look like, we have put together a team from philosophy, data science, actuarial science, sociology and law. We have recently commenced a major national project (Australian Research Council LP210200818) exploring the use of data and AI in insurance. We will be developing algorithms, tools, and regulatory interventions designed to promote socially responsible insurance.
In this session, we will outline some of the directions our research will take, and pose foundational questions to the audience. We aim for this session to generate discussion and debate amongst the attendees on this important topic, and hope that it may lead to some collaboration opportunities within or outside of our project.
Find the Q&A here: 'The Challenges of AI in Society'