Legal Focus: Use of biased AI models has serious implications for the insurance sector
Artificial intelligence models are only as good as the data they are trained with and re/insurers' use of biased datasets to improve efficiencies and reduce costs could leave them vulnerable
The Bank of England has warned the use of AI models can create bias, posing a threat to the UK’s financial services sector. Understanding how those risks can emerge and how they might be mitigated will be crucial