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The deployment of ‘generative’ AI tools has highlighted
significant opportunities as well as risks across all
economic sectors, primarily owing to these tools’
transformative capabilities, which have the potential
to amplify existing biases, perpetuate misinformation,
and create ethical dilemmas. In the insurance industry,
concerns encompass deficits in transparency, potential
discrimination, exclusionary practices, and privacy
issues. Insurers are taking proactive steps to mitigate AI-
related risks, including the identification and prevention
of undesired correlations in models, and adherence to
AI governance principles, such as those outlined by
EIOPA.

The risks associated with ‘generative’ AI have prompted
global policymakers and regulators to take action. The
EU has already responded by enacting the AI Act, a
pioneering global move aimed at ensuring the security
of AI systems and alignment with European fundamental
rights legislation. However, evaluating the effectiveness
of these provisions will take time to ensure they do not
impede innovation or create regulatory imbalances
among market participants. Indeed, one principle
remains evident from the onset: Regulatory efforts in
AI, spanning across industries including insurance,
must prioritize achieving a delicate equilibrium between
safeguarding consumers and fostering innovation.