10 hours ago
BIBA issues AI guide for British insurers
The British Insurance Brokers' Association (BIBA), with the support of Markel, has launched a new guide to help members understand how Artificial Intelligence (AI) might be beneficially incorporated into their business.
0
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
The guide, written by those already experienced in the use of AI in insurance businesses, describes how and where AI can be used, the regulatory, legal and compliance considerations and both encourages brokers to look at what benefits it might bring while cautioning against it being a panacea for serving customers.
BIBA CEO, Graeme Trudgill explained: 'AI, and its adoption, is moving fast. In a world where technology can be transformative, we wanted to help members grasp the opportunities and the risks it presents. Certainly, the AI genie is out of the bottle, so our aim is to help brokers navigate the new era of AI safely and within regulatory requirements.'
Ahead of working on the guide BIBA surveyed members to assess levels of interest in and adoption of AI and the guide was built around the feedback. To make it as relevant and accurate as possible there are contributions from Markel, Gallagher Re, PIB, FullCircl, Romero, CFC and Cyxcel with many real -life examples of using AI.
Guide sponsor, Markel's Jo Sykes said: 'Markel is proud to support BIBA in producing this Guide to AI. It is an invaluable tool for brokers looking to manage how their business interacts and utilises artificial intelligence. With practical insights and expert advice throughout, the guide will help BIBA members take advantage of AI technology effectively and ethically. In this 'new era', information and support such as this will allow the insurance sector to embrace innovation and drive our industry forward for the benefit of customers."
Trudgill concluded: 'We know this is a fast-developing area and fully expect to have to update the guidance regularly, but I do encourage our members to read it and think about whether it's something for their business to adopt (safely).
'Finally, I would like to thank Markel and all of our fantastic contributors and Shân Millie for her thought-provoking overview at the start of the guide.'
The guide is a BIBA member only benefit and is available online on the BIBA website.
