Ethical Artificial Intelligence caught between regulation and responsibility

The use of Artificial Intelligence (not only, but especially in insurance) is always associated with ethical issues and requires careful analysis of the risks and dangers (also with regard to reputation). On the other hand, the insurance industry is extensively regulated and falls under the AI Act in particular.

Against this backdrop, the lecture will address the following question: Is it sufficient for us actuaries to comply with the law when using Artificial Intelligence in order to meet ethical standards? Without giving too much away (spoiler alert): No!

After a brief overview of AI regulations in insurance, selected ethical issues will be discussed, compared with regulatory requirements, and gaps that require our special attention will be identified.