Governance, Ethics, and the Future of Autonomous Insurance Intelligence Systems

Autonomous Insurance Intelligence systems utilize Artificial Intelligence and Machine Learning technologies to independently complete insurance tasks historically performed by humans. Put simply, they are primarily computer-based service providers which essentially rely on the insurance business model to create profit. These systems may perform any task in the insurance value chain including, but not limited to: product development, pricing, risk selection, underwriting, policy administration, reinsurance, fraud detection, and claims management. Although tasks in specific insurance business areas can be semantically considered as autonomous, and may technically only require automation, systems utilizing these technologies are nonetheless classified as Autonomous Insurance Intelligence systems if their application enables them to operate across multiple areas within the value chain. Stakeholders consist of the insurance incumbents and new entrants who have the intention to implement, or are in the process of implementing, Autonomous Insurance Intelligence systems.