The Ethical AI in Insurance Consortium (EAIC), a collaborative platform dedicated to promoting responsible and ethical adoption of artificial intelligence (AI) across the insurance sector, has added five new members to help advance responsible use of AI across the industry.
Joining the EAIC are: MS Transverse Insurance Group, the Pennsylvania Compensation Rating Bureau (PCRB), Geospatial expert from Verisk Analytics – Todd Barr, Connected Car and Next Generation Auto Insurance expert from Telenav and Novo Insurance – Kumar Maddali, and Ogon Consulting.
Each of these new members bring a deep level of expertise that can help drive the EAIC platform further.
Following these five additions, the EAIC now has 17 members.
The Consortium also noted that it remains committed towards its core objectives, which includes the development of ethical technology guidelines, strong advocacy for insurers and the insured, fostering 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 industry. Our company believes that fostering transparency, ethical guidelines, and collaboration is critical in ensuring the responsible integration of AI. By uniting with other industry leaders in the EAIC, we will drive a vision of using AI to enhance operational efficiency and effectiveness while upholding the highest standards of integrity, fairness, and accountability.”
Bill Taylor, President and CEO of PCRB said: “As a data collection organization for the workers’ compensation industry, we are always interested in how technology is evolving. 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, which is a philosophy that aligns closely with our mission of more than 100 years to be a trusted, essential, and objective industry resource.”
Todd Barr, Director of Geospatial Product and Solutions at Verisk, added: “With over two decades of experience in the Geospatial field, including roles in Intelligence and Defense, Emergency Response, and Public Health, I have witnessed the transformative power of geospatial analytics in understanding and mitigating the impact of natural and man-made events. My expertise collaborating with scientists and risk analysts to model the financial impact of extreme insurance events including natural disasters and impacts of climate change will provide another unique angle to the importance of ethical AI in the insurance industry.”
Kumar Maddali, Vice President of Product Development at Telenav and Novo Insurance added: “For nearly 30 years I have sparked innovation for leading insurtech and enterprise technologies companies. While focusing on developing next generation Connected Car solutions and Auto Insurance products, I have seen the responsibility the insured has entrusted the industry with as companies work to responsibly leverage AI. The EAIC is an innovative organization that can foster the trust the insured demands by developing rigorous standards and guidelines, complete with checks and balances, for entities that create AI services.”
Karthick Gopalakrishnan, Director of Technical Consulting for Ogon Consulting, commented: “Our participation in the Ethical AI in Insurance Consortium collaborative platform enables us to collaborate with industry leaders. Together, we aim to set industry-wide standards and work closely with our customer base to guarantee the equitable and responsible deployment of artificial intelligence technologies within the insurance sector.”
Michael Schwabrow, EVP of Sales and Marketing for Cloverleaf Analytics, stated: “We are thrilled to welcome these outstanding 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 across the insurance sector. As we continue to expand our membership, we are confident that the EAIC will play a pivotal role in shaping the future of responsible AI adoption in insurance.”
