Keeping the robots trustworthy: The ethics of artificial intelligence

Building better, unbiased AI is a process in which humans and robots work side by side, learning from each other.  (Photo: maxuser/Shutterstock.com)

Insurance is a business of decisions. This is especially true across the policy lifecycle, from underwriting to renewal and throughout the claims process. Every day, insurance professionals make critical choices that influence both the insurer and the insured and can have lasting impacts on the business. They answer questions such as, how much risk is associated with a new policy? Is the risk worth underwriting and how should the policy be written to best mitigate that risk?

When a policyholder does make a claim, a claims professional must decide if it is legitimate, or shows indications of fraud. Does the policyholder prefer to manage the claim online without intervention by the insurer? If a claims professional is involved, is the claim appropriate for straight-through processing and rapid payment to save time and effort?