London Market Monitor – 31 August 2022
Our August review of the markets and Solvency II discount rates.
In June 2021, the European Insurance and Occupational Pensions Authority (EIOPA) published a report from its Consultative Expert Group on Digital Ethics (GDE), setting out six artificial intelligence (AI) governance principles “to promote an ethical and trustworthy Artificial Intelligence in the European insurance sector.” Each principle is followed by guidance on how insurance firms can implement them in practice, and insurance-specific AI use cases. The six principles covered are: Proportionality, fairness and non-discrimination, transparency and explainability, human oversight, data governance and record keeping, and robustness and performance. We also offer some concluding thoughts.
Artificial intelligence governance principles: A summary of the report by EIOPA’s consultative expert group on digital ethics in insurance
We summarize recent guidance, which covers how insurers can harness the benefits of AI, address the risks it generates, and promote trust in its use.