Can insurance stay human in an AI world?

In the second of two Dive In special episodes of the Insurance Post Podcast, sponsored by RDT, diversity and inclusion experts explore how the insurance industry can build a more inclusive future in an increasingly artificial intelligence-driven world.

Ajay Mistry, co-founder of iCan – the Insurance Cultural Awareness Network, pointed out while AI gives consistency, that shouldn’t be confused with fairness.

He observed that the sector must be careful to ensure that any past discriminatory approaches to hiring aren’t replicated by talent searches that use AI.

Maurice Rose, co-chair of Link – the LGBT Insurance Network, said the sector isn’t currently doing enough to validate the models that sit behind AI.

He said: “If we are going to be adapting and using AI for decision making and processes across insurance then we must think about how we are validating those. Do we have the skills to validate those models?

“Do we understand what is going in and what is being done within the models and what the outputs are?”

Dr Vina Theodorakopoulou, supervisory board member and individual members lead at Gain – the Group for Autism, Insurance, Investment and Neurodiversity, said before validating models, organisations need to first look for bias.

“Those skillsets are very much to do with the way that some of us have got that intersectionality element into themselves,” she said. “Whether that comes from sexuality, religion, culture or cognitive diversity it is the fact some people sit outside the mainstream of the organisation and able to breakdown group think.”

The trio stated that companies should be listening to and acting on the perspectives of different communities when making decisions about AI, and encouraged employee networks to become active partners in shaping their employer’s technological strategy.

Click the play button to hear the podcast, or you can download the episode via your podcast provider of choice – including Apple, Google, Spotify, and Audible – simply by searching for Insurance Post.