A new multi-year project looking at the implications of "Socially Responsible Insurance in the Age of Artificial Intelligence" has been launched in Australia. Funded by the Australian Research Council, it will bring together academics, AI experts and insurance practitioners. Their aim is to…

“…explore the social costs and benefits of using artificial intelligence in insurance, and to design practical interventions—responsible design workshops, practical guidance, regulatory proposals, new algorithmic tools—that realise the benefits while mitigating the costs.”

It’s very early days for the project so I will track how it takes shape over the next twelve months. In the meantime, what I like about the project is how it is bringing together expertise in not just insurance and artificial intelligence, but in philosophy, law and sociology as well. It’s also good that the scope includes both expected issues like privacy and fairness, and often neglected issues like the exercise of power.

On the downside, I am not a fan of ‘socially responsible insurance’ as a term, at all! It will be interesting to see whether it lasts.

Details of the people involve can be found here, in this Linkedin post by Chris Dolman of IAG.

Duncan Minty
Duncan Minty
Duncan has been researching and writing about ethics in insurance for over 20 years. As a Chartered Insurance Practitioner, he combines market knowledge with a strong and independent radar on ethics.
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