With model developments like ChatGPT, interest in and development of AI models is peaking and exposure to the magnifying glass increases further. When AI-models are not properly designed, developed, monitored, and used, this can have serious consequences on peoples’ lives, including financial exclusion and discrimination. For example, increasing premiums to unaffordable levels for people with bad credit due to lower education worsens their financial situation further. The EU AI act is the major EU legal initiative on data and AI that is intended to prevent AI models from infringing on human rights, health, and safety. The EU AI act will also have an impact on insurance companies. The question arises where this affects actuaries and where they fit in to assure that customers are treated fairly and ensure compliance of AI models. In this article, we discuss how the introduction of the EU AI Act affects insurance companies, with a particular focus on fairness, as well as what you can do as an actuary and how you can leverage your broad skill set and domain knowledge.
Lees dit artikel verder onder Download.
The actuary, a key player in achieving and demonstrating fair AI models
Kennisbank •
Wouter Karman, James Moran, Raquel Humphris
Wouter Karman, James Moran, Raquel Humphris
Artificial intelligence (AI) is becoming more and more important in the daily activities of insurers, who are increasingly placed under a social magnifying glass for the way they implement algorithms.
