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Insurers in the U.S. and Europe are actively addressing the ethical implications of AI in their operations. The NAIC has established a model for AI use, which is now adopted by 17 states, while the European Parliament has enacted the AI Act to regulate AI applications. Industry leaders emphasize the importance of transparency and traceability in AI systems to enhance underwriting processes.
Executives from companies like USAA and MMG Insurance highlight AI's potential to streamline transactions and improve customer experiences. They stress the need for proactive engagement with consumers and regulators to manage reputational risks associated with AI. Munich Re's comprehensive approach to AI governance showcases the industry's commitment to ethical AI deployment.
• NAIC's model for AI use adopted by 17 states enhances regulatory compliance.
• Munich Re emphasizes a holistic approach to AI governance and risk management.
The discussion highlights the need for ethical frameworks to guide AI applications in insurance.
USAA has implemented this to ensure AI models are explainable and traceable.
These audits are crucial for ensuring fairness and compliance in AI applications within the insurance sector.
The company is focusing on AI to enhance underwriting processes and improve customer service.
The company employs a comprehensive approach to AI, focusing on both quantitative and qualitative assessments to ensure robust governance.
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