Anson Evaluate’s Post

𝐄𝐭𝐡𝐢𝐜𝐚𝐥 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐓𝐞𝐜𝐡-𝐃𝐫𝐢𝐯𝐞𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 As the insurance industry continues to embrace technological advancements, it is crucial to pause and reflect on the potential ethical implications that accompany these innovations. While technology undoubtedly offers numerous benefits for insurers and policyholders alike, its implementation raises several concerns that must be addressed to ensure fair, transparent and responsible practices. First and foremost, among these concerns is data privacy and security. With the insurance sector handling sensitive personal information, robust cybersecurity measures are imperative to safeguard individuals' medical records, financial data and other confidential details from breaches and cyberattacks. Furthermore, the use of algorithms in risk assessment and underwriting introduces the risk of perpetuating biases present in the data they are trained on. It raises ethical questions about fairness and discrimination, highlighting the importance of ensuring that AI-driven decisions do not unfairly penalize certain demographics. Transparency and explainability are also paramount. As AI models become increasingly complex, it becomes challenging to understand how they arrive at specific decisions. Policyholders must have insight into the rationale behind these decisions to ensure accountability and fairness. Moreover, the possibilities of job displacement due to automation underscore the need for proactive measures to retrain and reskill displaced workers. Legacy systems and integration challenges further complicate the adoption of new technologies, highlighting the importance of modernizing infrastructure to keep pace with industry advancements. Additionally, the insurance industry's growing dependence on technology makes it a prime target for cyberattacks. Insurers must remain vigilant and proactive in mitigating cybersecurity threats to protect both their operations and policyholders' sensitive data. Addressing these concerns requires collaboration between insurers, regulators, and technology developers. By implementing robust safeguards, promoting transparency and prioritizing ethical considerations, the insurance industry can harness the power of technology while minimizing potential negative impacts on individuals and society. In conclusion, though technology offers immense potential to revolutionize the insurance industry, it must be wielded responsibly and ethically. While navigating these ethical considerations thoughtfully, insurers can build trust, foster fairness and ultimately drive positive change within the industry. By: Rajarshi Maitra, TAPsDIGITal #insurance #insuranceindustry #insurtech #technology #dataprivacy #ethicalai #automation #transparency #cyberattacks #accountability #fairness #discriminations #biases #ai #mlalgorithms #legacysystems #riskassessment #digitaltransformation #trust #jobdisplacement

A very good summary with regards to the regulatory updates in Americas that cover the adoption of a new model bulletin addressing the use of artificial intelligence in the insurance industry, continued development of accounting principles and investment limitations related to certain types of bonds and structured securities, and continued discussion of considerations related to private equity ownership of insurers. It is worth to mention that NAIC has adopted the Model Bulletin: Use of Artificial Intelligence Systems by Insurers, which will set the standard and the framework on how insurers apply the controls in the use of AI-supported decision making and ensure that the customer's interest is protected at all times. #NAIC #Americas #DataProtection #Privacy #RegulatoryChanges #ArtificialIntelligence #Insurance #MachineLearning #AI #Customer #ConductRisk

When you think of AI, you may think "is using AI safe for my client's information?" At Everbility, we're committed to protecting your data. This is Mani - he's a Software Engineer and Co-Founder of Everbility. Mani is *the person* behind ensuring that Everbility checks all the boxes for safety and data privacy. Safety means: 🌟 Zero data retention = Everbility's AI does not use your client information to retrain the AI 🌟 End-to-end Encryption = Everbility helps protect your client's information by ensuring no one sees it 🌟 Australian Privacy Principles = Everbility is compliant with the Australian Privacy Act 🌟 HIPAA Compliance = Everbility is compliant with Health Insurance Portability and Accountability Act Got a safety or security question? Ask us below 👇 #occupationaltherapy #speechpathology #speechpathologist #healthcareworkers #therapists #therapy #kidsot #security #dataprivacy #security #aiinalliedhealth #occupationaltherapist #aiforgood #digitalhealth #safeai #aiineducation #medicaltechnology #healthcaretechnology #healthtech #healthinnovation #digitaltransformation #ehealth #healthcare #artificialintelligence #chatgpt #productivity #aitools #occupationaltherapystudent #everbility

Recent developments in AI highlight the growing intersection of AI and regulatory activity. Financial regulators are addressing AI-related cybersecurity risks, while a new law in California focuses on AI's role in health care and insurance. Federal courts and agencies are grappling with AI's impact on free speech and consumer protection, and the U.S. government is refining its approach to AI procurement. As AI continues to reshape industries, these actions reflect the increasing need for oversight and responsible innovation. We dive into these topics and more in the latest briefing.

I just contributed to our firm's latest AI-X Briefing, and it seems AI is keeping us lawyers on our toes faster than you can say "billable hours." From financial regulators playing digital watchdog to California ensuring AI doesn't start writing prescriptions, the legal landscape is evolving at breakneck speed. Even the feds are figuring out how to shop for AI without accidentally ordering Skynet. As someone working in this space, it's both exciting and slightly dizzying. If you're curious about how the law is adapting to our new AI overlords (kidding, mostly), check out our briefing. It's a quick read that won't require a law degree to understand. #AILaw #TechRegulation #LawyersInTheAIAge #AIX #FaegreDrinker

AI's transformative potential brings significant risks to industries, particularly health and pharmaceuticals, where flawed algorithms can cause serious harm. The insurance sector must manage these AI-related risks through new and existing risk protection products. Emerging risks span across ten industries, with IT services currently the most affected. Thank you to the authors of Swiss Re Institute Mitali Chatterjee, Nikhil Udayabhanu and Simon Woodward https://lnkd.in/ddbtF9KW

Artificial intelligence (AI) is transforming the insurance industry, with projections suggesting its value could exceed $45 billion globally by 2031. However, as the government’s recent interim response highlights, ethical standards are critical to managing AI's risks. The Women in Insurance Summit Australia will delve into successful AI applications and the ethical challenges they present. Jehan Mata from Sparke Helmore Lawyers, emphasizes AI’s potential to enhance efficiency in claims and case handling, while also highlighting the importance of upskilling to address these new opportunities. Don’t miss out on this essential discussion. https://hubs.la/Q02L9KzZ0 #AIethics #InsuranceTech #WomenInInsurance #LegalTech #IBWomenInInsurance

Today, the National Insurance Commission organised an interesting Technology and Innovation Forum where I moderated a panel on Artificial Intelligence and the Insurance Industry in Ghana. These were my essential take aways: 1.Regulators must of necessity embrace technology and innovation because future market participants will be primarily technology-enabled. 2. As a company envisioning to embedd Artificial Intelligence, observe use cases beyond your industry, learn and be inspired by others. 3. Data is at the heart of the AI journey so learn to organise your data now. Build data analytics capabilities in house. 4. Industries should collaborate to build industry led data capabilities which will strengthen data parameterisation and increase utility for all market participants. Collaborate with others. 5. Do not underestimate the need to re-train and upskill for this new reality. Adapting may take time - shorten the curve with intentional learning. 6. As an organisation, examine your digital transformation journey holistically and do not just string AI tools without embedding an operational transformational journey. 7. Start your AI journey from your pain point but define clear targets to be achieved as opposed to superficial niceties. 8.Engage your stakeholders thoroughly so you do not build solutions that the market does not need. 10. Be minded about the AI related risks and plan to mitigate them. 11. Data protection and cybersecurity should be actively planned into a digital transformational journey. 12. AI is awake and may stay awake for a long time. Stay Woke.

The healthcare industry stands at the intersection of innovation and responsibility as AI becomes a cornerstone for addressing workforce shortages and improving patient care. However, each AI-driven advancement brings a new layer of cyber risk that demands proactive measures—especially cyber liability insurance. At the recent HLTH 2024 conference, healthcare leaders underscored how AI can relieve administrative burdens and enable providers to focus more on patients. Yet, they also recognized that AI’s reliance on patient data creates an expanded cyber risk landscape. For healthcare organizations, cyber liability insurance is no longer just a safeguard; it’s a fundamental part of responsibly deploying AI. This insurance not only covers the costs of data breaches but also ensures rapid response and continuity in the face of cyber incidents, minimizing the impact on patient care. Cyber policies tailored to the healthcare sector help manage the risks unique to AI, such as data integrity concerns, unauthorized access to predictive models, and the growing complexity of patient consent in data use. By integrating cyber liability insurance with AI strategies, healthcare providers can confidently innovate while safeguarding patient trust and data security. As we move further into an AI-driven healthcare era, a robust cyber insurance policy is essential to protect both the patients we serve and the systems on which we increasingly rely. https://lnkd.in/ec6dtmbe

Extract essential information from insurance documents effortlessly with PolicyGPT's intelligent data extraction. Improve productivity and reduce manual effort. Streamline your workflow.   www.PolicyGPT.ai   #DataExtraction #Productivity #InsurTech #PolicyGPT #InsurtechSolutions #PolicyGPTAutomation #InsuranceChallenges #AIDocumentAnalysis #InsuranceInsights #PassageComparison #DocumentAnalysis #ClearCommunication #AIInnovation #EfficientExtraction #PolicyNavigation #DataStrategy #ConceptualExtraction #NamedEntityExtraction #DataPrecision #InsuranceData #DataExtraction #InsuranceComprehension #DocumentAnalysis #InsuranceInnovation #AI #Efficiency #DataInsights #Insurance #Innovation #DataScience #Vectorization #Extraction #Insurance #DataExtraction #Efficiency #SOC2Compliance #DataSecurity #Privacy #DataAccuracy #ClaimsProcessing #RegulatoryCompliance #DocumentSummarization #Insight #DeepLearning #InsuranceTech #UnderwritingAutomation #InsurTech #insurancetechnology #aiforbusiness #aibusiness #businesstransformation #claimsmanagement #claims