Ethical AI in Insurance Consortium Welcomes Five New Members to Further Advance Responsible AI in Different Sectors of the Insurance Industry
New EAIC members represent Program/MGA/Reinsurance Insurance, Workers’ Compensation, Geospatial Risk Analytics, and Connected Car Solutions/Auto Insurance
Austin, Texas – December 20, 2023 – The Ethical AI in Insurance Consortium (EAIC), which aims to foster responsible and transparent adoption of artificial intelligence (AI) for decision management in the insurance sector, is announcing new members MS Transverse Insurance Group, the Pennsylvania Compensation Rating Bureau (PCRB), Geospatial expert from Verisk Analytics – Todd Barr, Connected Car and Next Generation Auto Insurance expert from Telenav and Novo Insurance – Kumar Maddali, and Ogon Consulting. Additionally, the EAIC has just completed its survey of insurance and reinsurance executives determining attitudes, readiness, and use of AI that it announced during InsureTechConnect, and will be sharing the results in Q1 2024.
“We are pleased to join the Ethical AI in Insurance Consortium, a collective force shaping the future of responsible AI adoption in our industry,” said John Williams, Senior Vice President and Head of Operations at MS Transverse Insurance Group. “Our company believes that fostering transparency, ethical guidelines, and collaboration is critical in ensuring the responsible integration of AI. By uniting with other industry leaders in the EAIC, we will drive a vision of using AI to enhance operational efficiency and effectiveness while upholding the highest standards of integrity, fairness, and accountability.”
Bill Taylor, President and CEO of PCRB said, “As a data collection organization for the workers’ compensation industry, we are always interested in how technology is evolving. With the emergence of AI, we all have different levels of interest and concerns. The Consortium’s mission is focused on the ethical use of AI tools and components, which is a philosophy that aligns closely with our mission of more than 100 years to be a trusted, essential, and objective industry resource.”
“With over two decades of experience in the Geospatial field, including roles in Intelligence and Defense, Emergency Response, and Public Health, I have witnessed the transformative power of geospatial analytics in understanding and mitigating the impact of natural and man-made events,” said Todd Barr, Director of Geospatial Product and Solutions at Verisk. “My expertise collaborating with scientists and risk analysts to model the financial impact of extreme insurance events including natural disasters and impacts of climate change will provide another unique angle to the importance of ethical AI in the insurance industry.”
Kumar Maddali, Vice President of Product Development at Telenav and Novo Insurance added, “For nearly 30 years I have sparked innovation for leading insurtech and enterprise technologies companies. While focusing on developing next generation Connected Car solutions and Auto Insurance products, I have seen the responsibility the insured has entrusted the industry with as companies work to responsibly leverage AI. The EAIC is an innovative organization that can foster the trust the insured demands by developing rigorous standards and guidelines, complete with checks and balances, for entities that create AI services.”
“Our participation in the Ethical AI in Insurance Consortium collaborative platform enables us to collaborate with industry leaders,” said Karthick Gopalakrishnan, Director of Technical Consulting for Ogon Consulting. “Together, we aim to set industry-wide standards and work closely with our customer base to guarantee the equitable and responsible deployment of artificial intelligence technologies within the insurance sector.”
The EAIC now has 17 members, and the Consortium remains steadfast in its core objectives, which include the development of ethical technology guidelines, strong advocacy for insurers and the insured, fostering collaboration and knowledge-sharing, and promoting standardization within the sector. The Consortium is dedicated to ensuring fairness, transparency, and accountability in the use of AI across crucial functions in the insurance industry, such as underwriting, claims processing, and pricing.
The EAIC looks forward to revealing the research findings and recommendations of its AI research report in Q1 2024. A live webinar coinciding with the launch of the research report will provide an opportunity for industry stakeholders to engage in a meaningful dialogue about the responsible integration of AI in insurance practices.
“We are thrilled to welcome these outstanding organizations and technology thought leaders to the EAIC,” said Michael Schwabrow, EVP of Sales and Marketing for Cloverleaf Analytics. “Their diverse expertise and commitment to ethical AI practices will undoubtedly strengthen our collective efforts to address the challenges and opportunities associated with AI across the insurance sector. As we continue to expand our membership, we are confident that the EAIC will play a pivotal role in shaping the future of responsible AI adoption in insurance.”
To join the EAIC, submit a request on the website – https://ethicalaiininsuranceconsortium.org/.