The Ethical AI in Insurance Consortium (EAIC), a collaborative platform dedicated to promoting the responsible and ethical adoption of artificial intelligence (AI) in the insurance industry, has added five new members to help make advance the responsible use of AI across the sector.
Joining EAIC: MS Transverse Insurance Group, Pennsylvania Compensation Rating Bureau (PCRB), geospatial expert Verisk Analytics – Todd Barrexpert in connected cars and new generation automobile insurance from Telenav and Novo Insurance – Kumar Maddaliand Ogon Consulting.
Each of these new members brings a deep level of expertise that can help advance the EAIC platform.
Following these five additions, the EAIC now has 17 members.
The Consortium also noted that it remains committed to its core objectives, which include developing ethical technology guidelines, strong advocacy for insurers and policyholders, promoting collaboration and knowledge sharing, as well as promoting standardization across the sector.
John Williams, Senior Vice President and Head of Operations at MS Transverse Insurance Group, commented: “We are pleased to join the Ethical AI in Insurance Consortium, a collective force shaping the future of responsible AI adoption in our sector. Our company believes that fostering transparency, ethical guidelines, and collaboration is essential to ensuring the responsible integration of AI. By uniting with other industry leaders within the EAIC, we will realize a vision of using AI to improve operational efficiency and effectiveness while upholding the highest standards of integrity , fairness and responsibility.
Bill Taylor, President and CEO of PCRB said, “As the data collection organization for the workers’ compensation industry, we are always interested in how technology evolves. With the emergence of AI, we all have different levels of interest and concerns. The Consortium’s mission is focused on the ethical use of AI tools and components, a philosophy that closely aligns with our more than 100-year mission to be a trusted, essential, and objective industry resource.
Todd Barr, director of geospatial products and solutions at Verisk, added: “With more than two decades of geospatial experience, including roles in intelligence and defense, emergency response and public health, I have witnessed the transformative power of geospatial analysis in insight and understanding. mitigate the impact of natural and human-caused events. My expertise working with scientists and risk analysts to model the financial impact of extreme insurance events, including natural disasters and climate change impacts, will provide another unique angle on the importance of AI ethics in the insurance sector.
Kumar Maddali, Vice President of Product Development at Telenav and Novo Insurance, added: “For nearly 30 years, I have been driving innovation for leading insurance and business technology companies. While focusing on developing next-generation connected car solutions and auto insurance products, I have seen first-hand the responsibility policyholders have placed on the industry as companies strive to leverage AI responsibly. The EAIC is an innovative organization that can foster the trust policyholders demand by developing rigorous standards and guidelines, complemented by checks and balances, for entities creating AI services.
Karthick Gopalakrishnan, Director of Technical Consulting at Ogon Consulting, commented: “Our participation in the Ethical AI in Insurance Consortium collaborative platform allows us to collaborate with industry leaders. Together, we aim to set industry-wide standards and work closely with our customer base to ensure the equitable and responsible deployment of artificial intelligence technologies within the insurance industry.
Michael Schwabrow, Vice President of Sales and Marketing for Cloverleaf Analytics, said: “We are excited to welcome these exceptional organizations and technology thought leaders to the EAIC. Their diverse expertise and commitment to ethical AI practices will undoubtedly strengthen our collective efforts to address the challenges and opportunities associated with AI in the insurance industry. As we continue to grow our membership, we are confident that the EAIC will play a central role in shaping the future of responsible AI adoption in the insurance industry.
