Insurance by Algorithm
European Insurance Law Review, No. 2, 2018
13 Pages Posted: 10 Dec 2018
Date Written: March 1, 2018
Artificially intelligent algorithmic systems have the potential to transform large sectors of the economy, and the insurance sector makes no exception. Although the insurance industry might have been slow in recognizing and exploiting the value of artificial intelligence at first, today the applications of intelligent machines in insurance are growing. This essay considers the role that artificial intelligence and machine learning can play in insurance. It discusses some current uses and also focuses on the possible application of artificial intelligence to smart contracts. Some of the main issues related to artificially intelligent algorithmic systems are also touched upon, highlighting the need to ensure transparency and accountability of automated decision-making.
Keywords: Insurance, 2.0, artificial intelligence, machine learning, contract, automation, smart contracts, blockchain, algorithm, regulation, law, data, InsurTech, FinTech
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