Ai and Data Privacy
Hey there; lovely readers! It’s your girl Lilly here; and I’m excited to dive into the world of Ai and ins. data privacy. You might be wondering what that even means; and I’m here to break it down for you. So; let’s get started!
As I was scrolling through my favorite search engine; I stumbled upon a question that caught my attention that made me look into the subject of the use of AI in insurance, let me give you some history:
- California Insurance Regulation 5.0 (2020): This regulation requires insurance companies to disclose the use of AI and machine learning in underwriting and pricing decisions. The regulation also requires insurance companies to provide explanations for their decisions and to ensure that AI systems are fair and unbiased.
- New York State Department of Financial Services (DFS) Regulation 205 (2020): This regulation requires insurance companies to disclose the use of AI and machine learning in underwriting and pricing decisions, and to ensure that AI systems are fair and unbiased. The regulation also requires insurance companies to provide explanations for their decisions.
- European Union’s General Data Protection Regulation (GDPR) (2018): The GDPR requires organizations to obtain explicit consent from individuals before using their personal data, including data used to train AI systems. The regulation also requires organizations to provide transparency and accountability in their use of AI.
- Insurance Data Security Law (2019): This law requires insurance companies to implement and maintain reasonable security measures to protect sensitive data, including data used to train AI systems.
- Federal Insurance Office (FIO) Report on Artificial Intelligence and Insurance (2020): The FIO report provides guidance on the use of AI in insurance, including recommendations for insurance companies to ensure that AI systems are fair and unbiased.
- National Association of Insurance Commissioners (NAIC) Model Regulation on Artificial Intelligence (2020): This model regulation provides guidance on the use of AI in insurance, including requirements for insurance companies to disclose the use of AI and to ensure that AI systems are fair and unbiased.
- UK’s Insurance Act 2015: This act requires insurance companies to disclose the use of AI and machine learning in underwriting and pricing decisions, and to ensure that AI systems are fair and unbiased.
From what I gathered; this question is asking about the importance of having multiple people review and manage your data to having AI take a look at your personal date. Think of it like a game of video games – you know; like when you’re playing COD with your squad; and you need to work together to take down the enemy team. In this case; having two pairs of eyes on the data means that multiple people are reviewing and managing the data to ensure its accuracy; completeness; and security. AI on the other hand could be a cheating player who is not helping you but helping the insurance company.
But why is this important? Well; let me tell you if you have a app on your phone that the insurance company gives you a small discount for having on your phone its telling to way too much info on you that you dont even know how it will be used in the future. Old insurance companies going back 200 years have data on the dead they hang on to forever so imagine how often you stop at stop signs, or run red lights. Now imagine AI having that and using it to raise your rates, not really fair that they are watching you all the time.
Now lets say your friend if a bad driver and he drives you to work in a ride share, are you being charged for his bad driving does the AI know its not you driving? Something to think about.
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