Algorithm bias may develop when AI is used to tackle global problems, resulting in unanticipated, wrong, and damaging outcomes.
AI can sometimes manifest the same prejudices as humans, and it could be even worse in some circumstances. An aberration in the output of machine learning algorithms could be due to biases in the training data or prejudiced assumptions made during the algorithm building phase. Our society’s beliefs and standards have blind spots or certain expectations in our thinking. As a result, algorithmic AI bias is heavily influenced by societal bias.
The Origins of Artificial Intelligence Bias
People are shaped by their upbringing, experiences, and society. They internalize certain beliefs about the world around them. It’s the same with AI. It doesn’t exist in a vacuum; it’s made up of algorithms created and refined by the same individuals. It tends to “think” or run algorithms in the same manner, it’s been taught.
Whether conscious or unconscious, human prejudice lurking in AI algorithms throughout their development is the root cause of AI bias. Human biases and prejudices are adopted and scaled by AI solutions.
The Role of Auditing in Artificial Intelligence
All the information and data collected by the AI algorithm are accessed and examined to see how these algorithms have performed, their outputs, and how they have computed things.
In other words, what problem are they trying to solve, and what data do they have? Audits with access to an algorithm’s code can assess whether the algorithm’s training data is biased and create hypothetical scenarios to examine the impact on different populations.
Can Auditing Eliminate Algorithmic Bias?
The algorithms and data may appear neutral, yet their output reinforces societal biases. Artificial intelligence (AI) and machine learning have advanced rapidly, resulting in strong algorithms that have the potential to enhance people’s lives on a massive scale. Algorithms, particularly machine learning algorithms, are increasingly being used to supplement or replace human decision-making in ways that impact people’s lives, interests, opportunities, and rights. The ethical impact of AI has been extensively studied in recent years, with public crises involving lack of transparency, data exploitation and the proliferation of systemic racism. One of the few examples to explain AI bias would be Twitter’s photo cropping algorithm.
The quality of an AI system’s input data determines how good it is. You can design an AI system that makes unbiased data-driven decisions if you can clean your training dataset of conscious and unconscious assumptions about race, gender, and other ideological ideas. However, there are innumerable human biases. As a result, having a perfectly unbiased human mind and an AI system may not be attainable.
AI can assist us in avoiding discrimination in hiring, operations, customer service, and the more extensive business and social networks — and it makes excellent commercial sense to do so. Artificial intelligence can help us avoid harmful human bias – both intentional and unintentional. It is now evident that AI algorithms integrated into digital and social technologies can encode societal prejudices, speed the spread of rumors and disinformation, amplify echo chambers of public opinion, hijack our attention and even affect our mental welfare if left uncontrolled. AI bias can be avoided to a certain degree, but only if we educate it to play fair and continuously challenge the findings.
Disruptions Constantly Change the Insurance Industry
What Jake and Flo Aren’t Telling Us: Disruptions Constantly Change the Insurance Industry
Auto and home insurance bundles, umbrella policies, constant arguments about paying for healthcare (especially during a pandemic), and thousands of streaming and social commercial advertisements pushing different providers as being the best option for the average Joe and Jane.
Yes, we are talking about insurance and its many pros and cons. But what Flo from Progressive, the Geico Gecko, and the ever-popular Jake from State Farm may not be able to tell you is where the insurance industry is heading. And truth be told, you do not need them to do so — you can use your own Anticipatory mindset to decode the disruptions that will change the insurance industry from this point forward.
As a consumer, this general concept may strike fear into your heart — or, conversely, bring much-needed relief. It is no secret whatsoever that the consumer-facing side of the insurance sector is complicated, no matter how easy advertisements and salespeople try to convince individual consumers the process of obtaining insurance will be. Disruptions — and better yet, digital disruptions — that turn the insurance industry on its head are meant to ease the common pain points customers face.
And as an insurance professional or a business owner in the insurance industry, digital disruptions should bring you joy — your life will be easier, your customers will be happier, and most importantly, new doors will open to better opportunities to help the masses and scale your organization. However, those who fear these new digital disruptions do so because they feel them to be unpredictable and earth-shattering.
The Real Problem: Life Changes Drive Insurance Changes
Getting in front of any type of digital disruption is easy, as has been demonstrated by my Anticipatory Leader System. But those in the insurance industry, just as in all other industries, who do not embrace the principles of an Anticipatory mindset are frequently left to dread disruption and change.
One of my favorite principles from my Anticipatory Leader System is the Skip It Principle, because it is a straightforward way to start to peel the onion of an issue that shakes up your reality. With the Skip It Principle, we shift our focus from the perceived problem to the actual problem that a digital or other disruption introduces.
In the case of the insurance industry, the real problem is not that accelerated digital technology is transforming how we buy, sell, and implement insurance — it is the fact that change happens in life, period!
Think about that for a second: Insurance is an industry built on the very idea of constant, variable change. Unpredictable change is why we have insurance, is it not? Because we cannot literally use a crystal ball to see what is coming, we pay money to be covered if something goes wrong. The very concept of insurance is Anticipatory, in and of itself! So digital disruptions are not the problem here — the real problem is just a mindset issue.
Insurance agents and other professionals do not actually fear change in general, as the promise of change brings them business — but they do fear change that could disrupt them. Similarly, many customers of insurance fear change in the industry because they worry that these changes will make the process of acquiring insurance even more complex and convoluted, leaving them with lackluster coverage despite their best efforts and investments.
New Digital Disruptions Improving the Insurance Industry
As a business professional in insurance, it is your job to ease the minds of your customers — and, moreover, to follow through with ensuring that your promises of more efficient and accurate experiences with insurance hold true. To perform these tasks, you must use an Anticipatory mindset to identify exactly what digital disruptions are impacting the insurance industry going forward, and how they impact your customers.
Let’s identify a concept and an applicable disruptive digital technology that is transforming a multitude of industries already. This way, we can pre-solve any customer and organizational problems this technology will bring to the insurance industry and prepare for what is to come, just as you do for your clients in creating policies that anticipate and help them to meet their insurance needs.
Omni-Channel Claims Experience — I interviewed Richard Berkman of IBM’s retail technology about omni-channel intelligent commerce. The convergence of a business’s digital technology user experience and its customers’ experience in the physical world is not solely constrained to retail, as evidenced by the ways the principles of omni-channel intelligent commerce are impacting insurance providers and their consumers.
Creating an omni-channel claims experience with an insurance agent or agency means streamlining the interactions that follow an actual, physical incident, when the need to file an insurance claim arises. Everything sounds wonderful on paper when the risks discussed are purely theoretical, but when an incident occurs, the integration of the policy, the insurance agent, and the resolution following an incident must be as seamless as the customer’s experience buying a product online or in-person at a physical location.
There are several technologies already disrupting the likes of retail and service-based industries, designed to create connected and seamless experiences, both virtual and in-person. Disruptions in the insurance industry surrounding this concept are already under way, driven most notably by Internet of Things (IoT) applications and telematics.
Internet of Things (IoT) Risk Assessments — With edge computing, 5G connectivity, and the ability to process more and more data in real time, we are reaching a point in the insurance industry where we can adjust rates by the minute! For example, what was once simply a perk of having a tracker in your car measuring your driving habits and ultimately helping you lower your premiums by making you a safer driver is now finding its way in your home, place of business, and more.
The proactive way insurance companies are already using IoT applications in homes and commercial spaces, for instance, includes predicting when an issue is more likely to take place, like a pipe bursting or a fire starting. This technology alerts the customer of the elevated risk and enables him or her to actually prevent the incident from happening to have them avoid filing a claim for damage to begin with. Talk about pre-solving using anticipation!
Overall, the point of a seamless customer and insurance agency experience is found in a connected experience, whereas legacy systems and legacy mindsets of insurance agencies reflect a passive product that a customer is simply required by law to have. Now customers feel interactive with their insurance, and it removes the top-down emotions once commonplace in the industry.
What Might This Do For You as an Agent?
Naturally, with every digital disruption that improves the customer’s experience, there is the pertinent fear that your status quo will be upended — or, in some cases, eliminated completely. I’d love to tell you that this is not true, but it is a Hard Trend future certainty that you cannot avoid.
However, the beauty of anticipation is that you stay ahead of these disruptions and foresee many of the idiosyncrasies that can and likely will disrupt you as an agency owner or insurance representative. In this case, knowing that increased connectivity is causing the disruptions we discussed in this blog, what aspects of your operation can you pinpoint as likely to be transformed by IoT, edge computing, or autonomous technology that processes customer data?
Insurance, like every other industry in the commercial world, is a Both/And industry, meaning that legacy systems are not completely irrelevant in the wake of new, transformative technology, much as human beings will not be replaced by machines. The skills you have developed as a professional in the insurance industry are still extremely valid, and an Anticipatory mindset will teach you how to help them converge with the new systems and changes coming now and in the future.
Learn to be Anticipatory with my Anticipatory Leader System today!
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