Update on IAIS work on artificial intelligence and machine learning in insurance

Today, the IAIS issued a short summary of its ongoing efforts in the area of the adoption of artificial intelligence and machine learning (AI/ML) in the insurance sector.

In view of the rapid advancements in AI/ML technologies, in 2023 the IAIS FinTech Forum conducted a thematic review of existing guidance on AI/ML and model risk management (MRM) from 12 supervisory authorities and international organisations. This review aims to facilitate the exchange of supervisory practices and experiences, particularly in addressing potentially new or heightened risks associated with AI/ML. Key findings of the thematic review are outlined in the short summary.

The IAIS will continue to review FinTech-related developments, to promote convergence and support supervisors in responding and keeping pace with these trends. In particular, the IAIS will begin the development of an application paper on AI/ML in 2024. In developing the application paper, the IAIS will engage with stakeholders for input and expertise on AI/ML use cases.

For more information on our work on digital innovation, see our dedicated webpage.