Viewpoint: The Need for Artificial Intelligence Governance
Artificial intelligence, and more specifically machine learning, is being deployed in the insurance space in some very exciting ways — from assessing underwriting risks to determining pricing to evaluating claims. But with these advances come sizable risks, some of which are already surfacing. Insurers need to take a proactive approach to mitigate risks so that they don’t wind up experiencing the same financial and reputational difficulties that other industries have seen. Where is the harm? In 2019, Apple launched a branded credit card in partnership with Goldman Sachs. Before long, users noticed that women were generally being offered lower preapproved credit lines than men.