Uncertainty reigns for US insurers as industry adopts AI standards

Insurers and rating and advisory organisations 'should be responsible for the creation, implementation and impacts of any AI system, even if the impacts are unintended’, the NAIC’s Innovation and Technology Task Force, part of its Executive Committee, wrote. — GERD ALTMANN/Pixabay

As the US insurance industry increasingly relies on artificial intelligence, its state-based regulators are thinking about how to ensure that the technology treats policyholders fairly.

The US National Association of Insurance Commissioners last month unanimously adopted guiding principles that AI be fair, ethical, accountable and safe. But these are largely broad-brush notions for a technology that is just starting to be used.