Context
The Association of British Insurers (ABI) has convened experts to produce a guide to responsible AI innovation, in light of the rapid growth of Artificial Intelligence (AI) and the developing regulatory framework.
Key points to note and next actions
The guide is written with a focus on the best interests of consumers and is the first sector-specific guide of its kind. It sets out how those working in the insurance and long-term savings industry can put the UK government’s five principles of AI into practice: Accountability, Transparency, Fairness, Safety, Contestability & Redress.
The AI guide aims to help set firms on a path to:
- Develop a responsible AI strategy, governance and oversight of use.
- Be inclusive in their use of AI, empowering people in all roles within the industry to ask questions and not to make assumptions.
- Use AI in the context of relevant conduct, data, and consumer protection regulations and requirements.
- Be in control, so that AI works for consumers and the business, rather than letting the technology drive you.
Charlotte Clark, Director of Regulation for ABI, said: “Artificial intelligence presents new opportunities and risks. By setting out practical resources, questions our industry needs to consider, and regulatory requirements, we hope this guide will support firms in starting conversations about AI and get a clearer understanding of what the responsible use of AI looks like.”