Market insight from year-end 2020 SFCRs: Sample of life insurers based in Luxembourg
Gross written premiums in our sample of Luxembourg-based life insurers decreased 20% in 2020.
Life insurance has a data-fuelled business model which makes it an industry that appears, on the surface, to be well primed for the technological advances that artificial intelligence (AI) can offer. Insurers are seeking opportunities to use AI in addressing the challenges they face in an increasingly digital world.
Innovation in AI is important but cannot take place in a social vacuum; ethical considerations must guide innovation to act in the public good, to drive the development, deployment and use of AI systems that can be trusted. Consequently, over recent years there have been a number of guidelines from academia, the private sector, government bodies, insurance industry bodies and think tanks that aim to provide guidance on how to develop AI in an ethical, moral and responsible way.
This publication provides an introduction to the use of AI systems in the life insurance industry, ethical questions raised and some insights on the guidance issued to date and factors which influence ethics in the context of AI.
Artificial Intelligence: The ethical use of AI in the life insurance sector
Life insurance has a data-fuelled business model that makes it an industry that appears, on the surface, to be well primed for the technological advances that artificial intelligence can offer in addressing the challenges it faces in an increasingly digital world.