European Insurance and Occupational Pensions Authority (EIOPA)

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Artificial intelligence governance principles

EIOPA has published a report from its consultative expert group on digital ethics (GDE) setting out artificial intelligence (AI) governance principles for an ethical and trustworthy AI in the European insurance sector. The report provides guidelines for insurers on the areas of fairness and explainability, as well as on setting a proportionate governance framework.  Pedro Écija Serrano, Grant Thornton’s Head of Actuarial and Analytics, chaired the GDE’s Governance Working Stream that contributed to this report.

This development parallels the European Commission’s recent publication of proposed AI legislation that is currently under debate.  The draft legislation has no specific provisions for insurance and will only affect the industry in an indirect way according to its current wording.  However, when the European Commission unveiled its Digital Finance Package last year, it stated that if AI legislation did not specifically address financial services, the Commission would ask the European Supervisors to provide it.  EIOPA’s document may therefore serve as a basis for further developments.

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