The AI in Business Podcast Model Development Best Practices for Insurance - with Mark McLaughlin of IBM
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Mar 4, 2025 Join Mark McLaughlin, Director of Insurance at IBM, as he dives into the transformative role of AI in the insurance industry. He discusses the critical challenges insurers face, particularly model bias and the importance of data governance. Mark emphasizes the need for diverse perspectives in AI development to drive equitable outcomes. Discover how a mix of on-premise and cloud strategies is enhancing efficiency and security, enabling insurers to shift from reactive to proactive risk management.
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Bias in Insurance
- Insurers face bias challenges due to data volume and interpretation.
- Unintentional bias is a risk, demanding careful data and AI model management.
AI Governance and Innovation
- Distribute AI access to business users for faster innovation with guardrails.
- Centralize governance to ensure red teaming and monitor model performance and drift.
AI Adoption Best Practices
- Use understandable data sources and ensure data provenance for AI models.
- Implement hard-coded technology controls for continuous AI model monitoring.