Artificial intelligence is making inroads into many aspects of the insurance industry — from underwriting to onboarding to filing claims. But one of the dangers of AI is that it is expanding faster than the industry and individual advisors can keep up.
The financial services community must collaborate to address the risks of AI and promote ethical decision-making, said Azish Filabi, managing director of The American College Cary M. Maguire Center for Ethics in Financial Services. She has spoken and written on the ethical principles guiding the use of AI in financial services, emphasizing AI’s impact on clients and advisors. She shares key concerns and how the insurance industry can get ahead of them.