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NAIC adopts guiding principles on use of AI in insurance industry


The National Association of Insurance Commissioners announced it has unanimously adopted guiding principles on artificial intelligence that emphasize the importance of accountability, compliance, transparency, and safe, secure and robust outputs. These principles were established to inform and articulate general expectations for businesses, professionals and stakeholders across the insurance industry as they implement AI tools to facilitate operations. Developed by the NAIC’s AI Working Group, the principles are based on the Organisation for Economic Co-operation and Development’s AI principles, which have been adopted by 42 countries, including the United States. The principles are intended to be “aspirational guideposts” for the insurance industry, said Jon Godfread, North Dakota insurance commissioner and chair of NAIC’s AI Working Group. “The vast amounts of data and ever expanding computing power is accelerating the use of artificial intelligence within the insurance industry,” he stated in a release. “And while this tool can greatly aid businesses across the sector, it also raises new challenges to be addressed, including consumer privacy and safeguards to protect against unintended discrimination that may be built into algorithms.”

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