CII report tells insurance companies to tackle gender bias
Artificial intelligence (AI) currently being used by insurance companies has failed to remove gender bias from the profession’s claims, underwriting and marketing processes.
A Chartered Insurance Institute (CII) report tells insurers they must tackle these gender biases.
The report found that the datasets used to train the algorithms which support AI systems are rooted in outdated gender concepts.
Algorithms learn by being trained on historic data but the report notes more and more of that data is now unstructured, coming from text, audio, video and sensors.
Yet the report warns embedded in that historic data are decisions based upon historic biases, particularly around gender.
The report concluded insurance firms need to prepare a structured response to this issue, starting
with visible leadership on tackling gender bias in AI.
Dr Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, said: “Tackling gender bias is both a fundamentally right thing to do, as well as a sensible, trust building move.
“The long-term winners of this insurance transformation will be those who consumers trust. Tackling bias should be woven into every insurer’s trust agenda.”
The report can be downloaded HERE
The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
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