IIF Authors

Status: Will be live at 09/09/2022 11:55

DataTalk - Briefing Note 16 - Data, AI, and Implications for Insurance

The latest session of the IIF’s DataTalk focused on data, AI, and implications for the insurance industry and was held in collaboration with the IIF Insurance team. The call considered AI, data frameworks, and new regulation and legislation with a focus on the implications for the insurance industry. Participants discussed how recent regulation, particularly the European Union Artificial Intelligence Act, is shaping their views of AI, treatment of data, and the path forward. This note provides a summary of the discussion, respecting that the conversation was conducted under The Chatham House Rule and comments are unattributed. For context, DataTalk is our community of practice to bring together data officers and experts for interactive sessions on key data topics in financial services.

Robust and high-quality datasets underpin Artificial Intelligence (AI). New proposals for the regulation of AI in the EU and elsewhere add complexity to the management of data for these purposes, particularly for the insurance industry. Participants noted that balancing security, privacy, and efficiency is best achieved through activity-based regulation. While common principles already guide internal controls across the industry, work remains in the coordination of regulation across jurisdictions and in understanding of the implications of new frameworks. The DataTalk series continues later this month on September 21st at 9:00pm New York time, where we will discuss the work of the Cross Border Privacy Rules Forum and data transfers, with a focus on financial data.

For more information on this forum, please contact handerson@iif.com.