BETTER FINANCE welcomes EIOPA’s draft Opinion on AI governance and risk management in insurance undertakings. As the European-level representative of life insurance policyholders, BETTER FINANCE fully supports EIOPA's risk-based approach to the use of AI systems and its call for appropriate safeguards.
It is the view of BETTER FINANCE that all AI systems in insurance need to be subject to a proper risk assessment, and that where threats to customers' interests are identified, safeguards proportionate to these risks must be put in place, including a sound data governance, effective human oversight, transparent information of customers and effective redress mechanisms. Only then can the deployment of AI in insurance be expected to improve the welfare of policyholders.
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