TY - JOUR
T1 - Creating ethics guidelines for artificial intelligence and big data analytics customers
T2 - The case of the consumer European insurance market
AU - Mullins, Martin
AU - Holland, Christopher P.
AU - Cunneen, Martin
N1 - Publisher Copyright:
© 2021 The Authors
PY - 2021/10/8
Y1 - 2021/10/8
N2 - The European Union (EU) has a strong reputation and track record for the development of guidelines for the ethical use of artificial intelligence (AI) generally. In this paper, we discuss the development of an AI and ethical framework by the European Insurance and Occupational Pensions Authority (EIOPA), for the European insurance market. EIOPA's earlier report on big data analytics (EIOPA, 2019) provided a foundation to analyze the complex range of issues associated with AI being deployed in insurance, such as behavioral insurance, parametric products, novel pricing and risk assessment algorithms, e-service, and claims management. The paper presents an overview of AI in insurance applications throughout the insurance value chain. A general discussion of ethics, AI, and insurance is provided, and a new hierarchical model is presented that describes insurance as a complex system that can be analyzed by taking a layered, multi-level approach that maps ethical issues directly to specific level(s).
AB - The European Union (EU) has a strong reputation and track record for the development of guidelines for the ethical use of artificial intelligence (AI) generally. In this paper, we discuss the development of an AI and ethical framework by the European Insurance and Occupational Pensions Authority (EIOPA), for the European insurance market. EIOPA's earlier report on big data analytics (EIOPA, 2019) provided a foundation to analyze the complex range of issues associated with AI being deployed in insurance, such as behavioral insurance, parametric products, novel pricing and risk assessment algorithms, e-service, and claims management. The paper presents an overview of AI in insurance applications throughout the insurance value chain. A general discussion of ethics, AI, and insurance is provided, and a new hierarchical model is presented that describes insurance as a complex system that can be analyzed by taking a layered, multi-level approach that maps ethical issues directly to specific level(s).
KW - AI
KW - AI ethics
KW - AI governance
KW - AI regulation
KW - DSML 2: Proof-of-Concept: Data science output has been formulated, implemented, and tested for one domain/problem
KW - InsurTech
KW - data analytics
KW - insurance
KW - risk
UR - http://www.scopus.com/inward/record.url?scp=85117711130&partnerID=8YFLogxK
U2 - 10.1016/j.patter.2021.100362
DO - 10.1016/j.patter.2021.100362
M3 - Article
AN - SCOPUS:85117711130
SN - 2666-3899
VL - 2
JO - Patterns
JF - Patterns
IS - 10
M1 - 100362
ER -