• 10:00 AM - 10:30 AM: Ethical Concerns in AI (Leveraging AI for Fair and Accessible Insurance in a Changing Climate)
AI has the potential to revolutionize the insurance industry, making it fairer and more accessible globally, particularly in the era of climate change. By enhancing risk assessment, refining pricing models, and streamlining claims, AI reduces costs and extends coverage to underserved populations. However, there’s a critical concern about AI’s propensity to perpetuate discrimination, including ethnic bias. To harness AI’s transformative power responsibly, insurers must ensure transparency and ethical oversight. Climate change’s impact, with more frequent and intense natural disasters, further underscores AI’s importance. AI offers innovative solutions like tailor-made insurance products and early warning systems, but its ethical challenges must be addressed.
Speaker
Kaenan Hertz