Insurtech Update: Aye-aye, Eye and AI
The Aye-aye (Daubentonia madagascariensis) is a long-fingered lemur native to, you guessed it, Madagascar – but my voice assistant told me it was a Canadian rock band (called Eye Eye).
It is highly likely that you have your own experiences of the (current) limitations of artificial intelligence and in similar superficial contexts. However, when complex technology is used in the insurance value chain, deficiencies such as algorithm bias can have discriminatory and other significant consequences for policyholders such as higher premiums, refusal of insurance cover, or rejection of claims.
Clifford Chance
