Advances in technology and the emergence of artificial intelligence follow us at every turn, opening up opportunities to transform the otherwise highly regulated insurance sector. Combined with big data analysis, use of artificial intelligence in the insurance sector enables the production of more accurate risk assessments, facilitates the adjustment of insurance premiums, speeds up the processing of insurance claims and enables more effective real-time fraud detection. Moreover, it enables the development of innovative products in the spirit of Insurtech. Such technological improvements contribute to the competitiveness of insurers, while also having a positive impact on policyholders themselves.
Despite its many advantages, the use of artificial intelligence in the insurance sector raises issues related to the protection of personal data, ethical issues regarding the use and results of artificial intelligence, in relation to transparency and fairness of decisions, with a focus on premium setting and claims decision-making, as well as issues of system security and regulatory compliance.
Through an analysis of the use of artificial intelligence in the different stages of the insurance value chain and a review of key legal sources on artificial intelligence, such as the Artificial intelligence Act, the Product Liability Directive, the Proposal for an AI Liability Directive, the Master's thesis addresses the question of whether the existing regulation of artificial intelligence provides a sufficient legal framework for the safe and effective use of this technology in the insurance industry.
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