Developing Ethical Usage Guid-elines for Customers of Artificial Intelligence and Big Data Analytics: Ethical Applications within Realm of Big Data Analytics

Abstract

In both the operational and customer-facing facets of the insurance sector, big data analytics and ever-evolving machine learning and artificial intelligence (AI) capabilities have become indispensable. Insurance-related goods and services, which cover things like business property insurance, auto insurance, and personal health insurance, are essential for advancing the economy and society. The significance of artificial intelligence and machine learning in preserving this equilibrium within the insurance industry has already been established. However, as AI and machine learning are used more frequently, it creates new issues and calls into question the industry's moral standards. In order to shed light on any potential new conflicts and concerns, it is vital to look into the ethical ramifications and conundrums surrounding the use of data in insurance innovation. In order to examine and gain a deeper understanding of the ethical landscape relating to the tensions surrounding the use of big data analytics, AI, and machine learning methodologies to sustain the operations of the insurance industry, this study combines the insights of insurance professionals with the expertise of an AI ethics specialist.