As hidden bias in data and models comes under greater scrutiny, the integrity of analytic processes used by insurance companies is being called into question. As the insurance industry relies on ever more sophisticated analytics, we must proactively work to improve processes and build trust in outcomes. This is more than just having the right technical elements in place. It also requires transparency, communication, and a clear demonstration that “fairness in data” is at the heart of corporate culture.
This report focuses on the proactive steps the insurance industry can take to become a beacon for the ethical use of advanced analytics.
Topics covered include:
• What constitutes “fair and ethical” use of data?
• How insurers are leveraging increasingly sophisticated analytics.
• How advanced analytics is impacting fairness and financial inclusion.
• Artificial intelligence - exacerbating the challenge.
• Three perspectives on checks and balances.
• Building trust.