Insurtechs launch Ethical AI in Insurance Consortium

Insurtechs have launched an Ethical AI in Insurance Consortium to collaborate on industry-wide standards related to fairness and transparency in the use of artificial intelligence within the insurance industry.

The founding members include Cloverleaf Analytics, Exavalu and Socotra. The consortium hopes to increase knowledge sharing amongst insurance companies, AI developers and regulators, as well as consumer advocacy groups. The organization is working to develop ethical guidelines for the industry related to AI use in underwriting, claims processing and pricing.