Consumers risk becoming “uninsurable” due to artificial intelligence systems in the sector, the head of Britain’s financial watchdog has warned, despite calling for the insurance industry to be more “willing to experiment” with new technology.
“We want safe and responsible use of AI to drive beneficial innovation,” said Nikhil Rathi, chief executive of the Financial Conduct Authority, in a speech on Thursday. “But also an open conversation about the risks and trade-offs.”
Giving the example of “AI-enabled hyper-personalisation of insurance”, Rathi said this could benefit many consumers but also warned that it “runs the risk of rendering some customers ‘uninsurable’, or even potential discrimination”.
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