Celina Insurance Group, Georgia Farm Bureau, Topa Insurance Company, Players Health, Co-operative Insurance Companies, Locke Lord, Five Sigma, reThoughtFlood, Douglas Benalan - a top industry influencer and CIO, and Elizabeth Foughty - an industry expert on AI, insurance, and climate joins the EAIC.
LAS VEGAS, Oct. 31, 2023 /PRNewswire-PRWeb/ -- The Ethical AI in Insurance Consortium (EAIC), which aims to foster responsible and transparent adoption of artificial intelligence (AI) for decision management in the insurance sector, is proud to announce the addition of 10 founding members, significantly broadening its expertise and potential impact. Simultaneously, the Consortium is launching a groundbreaking survey of insurance and reinsurance executives determining attitudes, readiness, and use of AI including Generative AI, large language models, and machine vision. This research aims to provide valuable insights and guide the formulation of ethical AI practices in the insurance domain.
Brian Casey, Partner and Co-Chair of Regulatory & Transactional Insurance Practice Group for Locke Lord said, "Locke Lord's Regulatory & Transactions Insurance Practice Group is honored to become a supporting legal services member of the Ethical AI in Insurance Consortium, a much-needed industry-lead group for the U.S. insurance business. We hope to help bridge the gap between AI technologists and the practical regulatory compliance requirements coming down the pike for fair and legitimate business uses of artificial intelligence in insurance underwriting, sales and claims and look forward to guiding the EAIC in establishing AI standards that work for all constituents in the insurance industry in the modern insurtech environment."
Douglas Benalan, CIO of CURE Insurance, who has been recognized in 2023 by the American Business Awards for digital transformation, ranked as one of the top 150 Business Transformation Executives by Constellation Research, is joining the EAIC, and had this to say, "I am honored to join the Ethical AI in Insurance Consortium. It's crucial that as industry leaders, we prioritize responsible AI adoption to enhance our services while upholding ethical standards. Together, we will strive to create a sustainable and equitable future for the insurance sector through the judicious application of artificial intelligence."
"Ethical AI is an opportunity to design technology that respects , empowers humanity, and guides us towards a future where technology serves as a force for good, rather than harm," said Sandeep Bajaj, Group Chief Information Officer of Players Health. "It is a foundation upon which we can construct a future to enhance our lives without compromising our values and a key to unlock full potential of artificial intelligence while preserving our moral compass in a digital age."
"I am honored to join the Ethical AI in Insurance Consortium and believe that it is our responsibility to ensure ethical practices are established and adhered to as we see the use of AI grow exponentially," Kim Holmbeck, Director – Program Management for Co-operative Insurance Companies. "While we have all probably used some form of AI in some of our current practices, as we move forward and increase this usage, we must be aware of any biases that might be created. This is an exciting time to be in insurance and as we continue to explore and utilize AI we must also educate and make aware to those around us the ethical practice of AI."
Elizabeth Foughty is a strategic consultant whose experience with AI goes back to 2007 when she supported data mining researchers at NASA, followed by working for RMS and Cape Analytics commented, "There are so many powerful use cases for artificial intelligence in the insurance industry that can help insurers close protection gaps, provide better underwriting and more fair pricing, as well as plan better. However, the ethical implications must be understood as well, to ensure these tools are being harnessed in ways that don't create more negative bias or other issues. I am delighted to support this effort."
"I am honored to join the Ethical AI in Insurance Consortium. It's crucial that, as industry leaders, we prioritize responsible AI adoption to enhance our services while upholding ethical standards. Together, we will strive to create a sustainable and equitable future for the insurance sector through the judicious application of artificial intelligence." - Oded Barak, CEO of Five Sigma.
CEO of reThought Flood, Cory Isaacson added, "Our ethos is transparency, technology, and trust, so using our technology tools ethically is extremely important to us. AI can be a strong force for good if used well, such as helping to close the flood protection gap. We are excited to be a part of an effort to drive industry wide understanding of this very critical topic."
The inclusion of these new founding members marks a significant milestone in achieving the Consortium's mission to unite insurers, insurtechs, technology solution providers, regulators, and key influencers towards a common goal. This brings the total number of parties involved in the EAIC to 13 including the initial founding members Cloverleaf Analytics, Socotra, and Exavalu.
With AI increasingly becoming an integral part of crucial functions such as underwriting, claims processing, and pricing in the insurance industry, ensuring fairness, transparency, and accountability is paramount. The Ethical AI in Insurance Consortium addresses critical challenges and opportunities associated with AI use in the sector, including addressing algorithmic bias, enhancing customer acceptance, upholding data integrity, and other essential aspects impacting product development, selling, servicing, and customer support.
The EAIC's core objectives encompass the development of ethical technology guidelines, strong advocacy for insurers and the insured, fostering collaboration and knowledge-sharing, and promoting standardization within the sector.
Founding members Socotra, Exavalu, and Cloverleaf Analytics expressed their enthusiasm for the Insurance AI research initiative and the expansion of the EAIC.
Abby Hosseini, Chief Digital Officer at Exavalu, stated, "This group of pioneering and like-minded companies are taking a pivotal step toward empowering insurers to harness the potential of AI while ensuring it aligns with ethical and responsible business practices with increased transparency and accelerated AI value realization."
Michael Benayoun, Director of Partnerships at Socotra, emphasized, "We are committed to using research-based insights to drive meaningful change in the industry and leverage AI responsibly for the benefit of all stakeholders."
Michael Schwabrow, Executive Vice President of Sales and Marketing for Cloverleaf Analytics, highlighted the importance of the industry collaboration, stating, "The collective knowledge that is now represented within the EAIC means the Consortium will have broader reach and consideration for every aspect of the insurance distribution cycle and the ethical usage of AI. We welcome the new members and encourage other organizations and influencers to join the mission to educate, guide, and protect the use of AI in insurance."
The EAIC will reveal the research findings and recommendations in Q1 2024, offering an opportunity for dialogue about the responsible integration of AI in insurance practices in a live webinar coinciding with the launch of the research report.
More about the EAIC's new members:
Celina Insurance Group
Celina Insurance Group is comprised of four mutual property and casualty insurance companies. The companies provide protection for autos, homes, businesses, and farms through more than 500 independent agencies in five states. Founded in 1914 with headquarters in Celina, Ohio, the organization is committed to supporting its policyholders and communities.
Georgia Farm Bureau
Georgia Farm Bureau Mutual Insurance Company is proud to offer a broad range of insurance products to serve families across the state of Georgia. Farm Bureau is truly a unique organization that represents the state of Georgia in a way that no other organization can. With offices strategically placed in 158 of Georgia's 159 counties, you're never far from an experienced agent and a friendly face. Georgia Farm Bureau Insurance was created by the Georgia Farm Bureau Federation in 1959 and has a strong tradition of supporting rural communities.
Topa Insurance Company
Topa Insurance Company is a boutique carrier, committed to strong relationships, aligned partnerships, excellent service, underwriting expertise, and quality products for our wholesale brokers, general agents, and MGAs.
Players Health
Minneapolis-based Players Health is a sports technology platform providing digital risk management services, reporting tools, and insurance products to sports organizations to comply with the changing athletic environment and responsibilities. Working towards establishing the safest environment for athletes, Players Health views the health and safety of athletes as a priority in today's sports landscape.
Co-operative Insurance Companies
Co-operative Insurance Companies has been meeting property and casualty insurance needs since 1915, offering farm, home, auto, business, and other insurance to people in Vermont and New Hampshire. It is owned by its members and committed to protecting them with fast and fair claims service, loss prevention expertise, and local operations. The company has headquarters in Middlebury, Vermont, with regional claims offices and more than 100 agency locations across Vermont and New Hampshire.
Locke Lord
Locke Lord is a premier full-service Am Law 100 law firm that has earned a solid reputation for complex litigation, regulatory and transactional work on behalf of clients in important and growing industry sectors around the world. Locke Lord's nearly 100 years of experience in the insurance and reinsurance industries has consistently placed the Firm as a leader with the breadth, depth and sophistication required to advance clients' business goals.
Five Sigma
Five Sigma is a cloud-native, data-driven claims management solution with embedded AI/ML capabilities to allow simple and smart claims processing for the insurance industry. Five Sigma simplifies claims management by adding automated claims processing workflows, using data modeling and AI to provide smart recommendations, improving adjusters' decision-making processes and reducing errors. Leading insurance carriers, insurtechs, TPAs, and self-insured companies use Five Sigma's CMS to modernize their claims operations, reduce claims leakage, enhance compliance, and improve their customers' experience.
reThoughtFlood
reThought Flood is a technology-forward MGA that leverages artificial intelligence to develop location specific risk understanding for flood underwriting. This allows reThought to provide stable, tailored pricing for flood insurance to homeowners and businesses alike.
Media Contact
Michael Schwabrow, Cloverleaf Analytics, 1 (949) 400-8345, [email protected], https://ethicalaiininsuranceconsortium.org/
SOURCE Ethical AI in Insurance Consortium
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