AI carries enormous transformational potential. For example, it could enable insurers to predict risk with greater accuracy, customize products and use enhanced foresight to rapidly deploy new products in response to emerging risks. The insurance industry therefore supports the adoption and deployment of ethical, trustworthy and human-centric AI, via an appropriate and proportionate principles-based framework.
The development and use of AI are already covered by a wide range of existing EU legislation that addresses many of its potential risks and challenges. This is then complemented by national and sectoral regulatory frameworks. New rules at EU level would therefore only be pertinent to address any potential gaps where current rules and regulations are found to be insufficient.
Policymakers should also examine where existing legislation creates barriers to the use of AI or its development. For example, certain issues related to GDPR should be carefully considered and clarified during the legislative process to avoid overlaps or contradictions. This includes limits on data usage, which do not take into account the needs of reliable AI development and may inhibit Europe from becoming a world leader in the development and deployment of AI.
Insurance Europe's views are also outlined in this position paper.