Actuaries use data for good. So, how can actuaries help address issues of insurance discrimination? At the 2022 All-Actuaries Summit, Dr Fei Huang presented joint work with Xi Xin on the topic of anti-discrimination insurance pricing.
The ever-developing presence of artificial intelligence and automation is changing the landscape of underwriting. At the 2022 All-Actuaries Summit, Carmel Twist and Kirsten Flynn delved into the innovation and developments in underwriting, and the flow-on effects these have for the actuarial profession.
In early-2022, UK Health Secretary, Sajid Javid, put the topics of selection, sample and measurement bias in life and health insurance under the microscope by announcing an investigation into a potential bias in oximeters. Specifically, whether bias was a contributing factor to worse outcomes for ethnic minorities during the COVID-19 pandemic. While, on the face of it, this is an isolated incident, it is actually more commonplace than you may think.
The survey, conducted by Willis Towers Watson, found Life and Property & Casualty (P&C) insurers are likely to enhance their use of automation over the coming five years to streamline processes.
