Insurers Need Well Drafted Commercial Contracts To Use Artificial Intelligence

It is impossible to overestimate the dependence of Bermuda's successful insurance sector on information technology. The more advanced and intelligent that technology is, the better that sector will be managed and operated, in all respects.

As with all fintech, it is a simple equation. The more advanced and intelligent an insurer's IT infrastructure is, the more complete, accurate and valuable artificial intelligence will be to drive analytics, risk assessments and successful business decisions.

The application of AI, as a part of any insurer's innovative IT infrastructure, is not new. After more than a decade of intelligent systems deployment, the 2018 report by the House of Lords Select Committee on Artificial Intelligence — then chaired by Lord Clement-Jones — titled AI in the UK: Ready, Willing and Able? discussed many regulatory options concerning AI's increasing commercial use, competitive value and possible risks.