The ABI has produced a guide to responsible AI innovation aimed at helping organisations respond to the rapid growth in the technology and its developing regulatory framework.

Written with a focus on the best interests of consumers, the guide sets out how those working in the insurance and long-term savings industry can put into practice the government’s five principles of AI: accountability; transparency; fairness; safety; contestability; and redress.

Developed collaboratively by the ABI’s AI working group – which includes experts across actuarial, data science, data protection, legal, regulation and compliance – the guide includes some of the key questions firms should ask themselves to assist in the responsible use of AI. It also features a set of good practice examples relating to algorithms, an outline of existing regulations that align with the UK’s five principles of AI regulation, and a set of examples of how AI is used in insurance and long-term savings.

The AI guide, aims to help firms establish plans for developing a responsible AI strategy, governance and oversight of use. It also offers advice on how to ensure inclusivity in the use of AI, and to ensure it is used in the context of relevant conduct, data, and consumer protection regulations and requirements.

Charlotte Clark, director of regulation at the ABI, said: “Artificial intelligence presents new opportunities and risks. By setting out practical resources, questions our industry needs to consider, and regulatory requirements, we hope this guide will support firms in starting conversations about AI and get a clearer understanding of what the responsible use of AI looks like.

“We’re grateful to our members for sharing their experiences and expertise, which has been at the heart of the guide throughout its development. Close collaboration between business, government and regulators is key to being able to adapt and respond to this evolving technology and we look forward to continuing to work together as the AI landscape progresses.”

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