The Consortium will unite insurtechs, insurers, influencers, and other organizations to take steps to ensure a safe, fair, and innovative future for AI in the insurance industry
AUSTIN, Texas, July 31, 2023 /PRNewswire-PRWeb/ -- Cloverleaf Analytics (Cloverleaf), the leader in insurance intelligence solutions, Exavalu, a leading global digital advisory and consulting company, and Socotra, provider of the industry's leading policy core and end-to-end insurance technology solutions, are excited to announce the launch of the Ethical AI in Insurance Consortium. The Consortium aims to foster responsible and transparent adoption of artificial intelligence (AI) for decision management in the insurance sector, bringing together insurance carriers, technology and solutions companies, regulators, and other key influencers.
With the expanding integration of AI in underwriting, claims processing, pricing, and other insurance functions, it is crucial to ensure fairness, transparency, and accountability throughout the industry. The Ethical AI in Insurance Consortium will address the challenges and opportunities associated with the use of AI in insurance, including algorithmic bias, customer acceptance, data integrity, and other areas used in product development, selling, servicing, and customer support for insurance products.
Cloverleaf, Exavalu, and Socotra are the Consortium's initial founding members, with additional founding members to be announced within weeks. The Consortium's core objectives include the creation of ethical technology development and operations guidelines; advocacy for insurers and the insured; collaboration and knowledge-sharing; and standardization.
The group will host quarterly webinars addressing key issues, as well as producing articles announcing new standards guidelines along with thought leadership papers throughout the year. The first two major initiatives for the Consortium are the development of an Ethical AI in Insurance Code of Ethics and launching a research project based on a survey of insurance executives determining attitudes, readiness, and use of Generative AI, large language models, and machine vision.
"Exavalu provides advisory and technology services to insurers who seek to accelerate digital transformation, core modernization and enhanced customer experience. Advancements in AI technology offer a high promise but often challenge carriers with how to utilize AI effectively and ethically for decision support," said Abby Hosseini, Chief Digital Officer at Exavalu. "This uncertainty coupled with excitement about the promise of Generative AI is resulting in some carriers struggling with algorithmic bias and the proper orchestration of the AI technology for inline augmented decision making. Many carriers are embarking on controlled experiments while others sit on the sidelines. The Consortium is about empowering carriers to achieve real value from AI while ensuring fair, high-quality, transparent and innovative products and services for the insured. This can be achieved through people-centric, fair, trustworthy, and responsible business practices to model development, analytics and risk management."
"The adoption of fresh technology is a critical component of any insurer's strategy for market leadership and differentiation, and it must be done responsibly, with as much knowledge and perspective as possible," said Michael Benayoun, Director of Partnerships at Socotra. "Our modern, cloud-native perspective goes hand in hand with the incorporation of AI into insurer operations, and we are excited to leverage all of the benefits it has to offer. The Consortium will be a strategic asset for carriers to learn best practices as they leave legacy technologies behind while strategically deriving meaningful benefits from the cloud and AI."
"Consumers are excited and carriers are optimistic as technology continues to show promise for improving products, services, and everyday life," said Robert Clark, Founder and CEO of Cloverleaf Analytics. "The insurance industry has the opportunity to set a quality example of how to use AI responsibly, and this Consortium aims to be a beacon of light for insurers and technology companies that need help on this journey."
The Consortium will reveal the results of its Generative AI readiness, attitude, and adoption survey during a webinar with other members in early Q4. While Cloverleaf sparked the idea for the Consortium, it will not have any additional influence on the projects that the Consortium completes over any other member.
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About Cloverleaf Analytics (Cloverleaf)
Cloverleaf Analytics is the leader in insurance intelligence solutions, having evolved from Business Intelligence (BI) into providing advanced tools using ML and other emerging technologies to empower carriers to achieve unparalleled growth. Cloverleaf enables carriers in diverse lines of business to create modern products that help insurers remain competitive against new market entrants while redefining what consumers and businesses understand as the meaning of insurance value. For more information, please visit www.cloverleafanalytics.com.
Exavalu is an award-winning specialized digital transformation advisor focused on delivering leading-edge digital solutions to global enterprises. Founded by former Industry CIOs and Consulting Executives with background in complex transformation and change Initiatives within the Insurance Industry, Exavalu brings the best in Strategic Advisory and Digital Solutions delivery using Industry leading technology platforms. For more information, please visit www.exavalu.com.
Socotra provides a modern core platform for integration solutions for insurance, bringing unparalleled speed, agility, and efficiency to carriers, insurers, and MGAs. The platform is best known for its advanced, cloud-native technology and standardized, public, open APIs that enable clients to innovate quickly and stay competitive in a fast-changing market. This platform is enhanced by the Socotra App MarketPlace, which is an industry breakthrough because it provides instant integration to an expanding community of data and service providers. To learn more, visit socotra.com.
SOURCE Cloverleaf Analytics
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