Tag Archives: artificial intelligence

One of the core tenets of insurance is that of trust.

Our customers must believe that monies will be available to meet their costs and settlement will be on a fair and equitable basis in the event of a valid claim. Without that trust, the whole ecosystem of insurance comes under threat. Customers will feel short-changed, deceived, and even mutinous – perhaps to the point where fraudulent behaviours are seen as somehow acceptable.

Therefore, it seems obvious that claims settlement systems must reflect that core principle in both design and application. Be it a human-centred, technology driven, or hybrid decision-making modus operandi, there is a requirement upon us to deliver a service that is transparent, accountable, and beyond reproach.

What then of the role of Al as we navigate the waters of future developments? How are we to ensure that there is never any danger of Al mismanagement, misunderstanding, or unintended consequences breaching the fundamental principles of a trust-based relationship?

It seems to me that one way is for those involved in the Al world – in whatever guise that may take – to agree on a voluntary Code of Conduct that will guide their thoughts, deeds, and activities. An Al ‘Ten Commandments’ perhaps, that drives us to ever higher standards of ethical behaviours, helping to ensure that the amazing Al-driven developments of the coming years are not ‘the tail wagging the dog’. However, as much as we can marvel at Al’s extraordinary feats of analysis, insight, and automated decision-making, we must always have a set of guiding principles as our reference points, that help to avoid poor practices or simply the mistaken application of the power of Al.

We all know the Little Britain catchphrase of ‘computer says no’, and we’ve all met this barrier to trust and mutual comprehension in our daily interactions with financial institutions and other service suppliers. Imagine that frustration and breakdown in relationships when writ large on the Al platforms of the future. Like any technology, we must have regard not only for what we can do with it, but also what we should do with it.

That old dictum of being comfortable with headlines on the front page of the Daily Mirror if anything were to go wrong might well be the best advice that we could give ourselves as we contemplate a future world of claims, in which technology will eclipse human beings as the primary decision makers.

Of course, we must also grasp opportunities offered by ethical Al applications with both hands. No Code of Conduct should ever act as a brake on the rapid development of this amazing technology. Instead, it should serve as a great catalyst for all stakeholders to mutually agree the ‘stake in the ground’ that we will need if we are to retain public trust in our industry.

Because, and I repeat, without that trust there is no solid foundation on which we can build. Technology is not the driver of our industry but the enabler. It is not Al that ultimately determines who is right and who is wrong, whether a claim should be paid or not, if a claim is fraudulent or valid.

Instead, it is the human beings behind this technology on which our future depends, and a voluntary Code of Conduct can only serve to improve the chances of us getting it right- to the benefit of all the players and policyholders for generations to come.

Join me in advocating for such an approach, and feel free to contact me directly with your thoughts and support: eddie.longworth@jelconsulting.co.uk