Insights and Highlights: AI Ethics in Financial Services Summit

Held as an immersive and educational meeting of financial experts spanning diverse corporate roles, the panel-led discussions explored the pivotal concept of trust in AI within the financial services industry. Key discussions encompassed:

• The ethical risks of AI in finance: From fairness concerns to biased algorithms, including potential pitfalls and how to mitigate them.
• Restoring trust through responsible AI: Best practices for developing, deploying, and governing AI ethically and transparently.
• The future of AI in insurance underwriting: Insights into the latest regulatory updates and ethical considerations in this critical area.

During our productive roundtable discussion, issues regarding transparency, mitigating bias, and the necessity for standardized practices were highlighted. The dialogue underscored the significance of employing data ethically to cultivate consumer trust. There was consensus on the importance of collaborative efforts to develop trustworthy AI solutions that ensure fair and responsible practices within the insurance industry in particular.

Panel topics included:

• AI Regulation Update
  • Jillian Froment, Executive Vice President and General Counsel, American Council of Life Insurers (ACLI)
  • Kaitlin Asrow, Executive Deputy Superintendent, Research and Innovation Division, New York Department of Financial Services
  • Stephanie Schmelz, Deputy Director, Federal Insurance Office U.S. Department of Treasury
• Self-Regulatory Approaches to AI Governance
  • Moderator:  Sophia Duffy, JD, CPA, AEP®, Associate Professor of Business Planning, The American College of Financial Services
  • Anthony Habayeb, Co-founder & CEO, Monitaur
  • Reva Schwartz, Research Scientist, National Institute of Standards and Technology
• Fireside Chat
  • Arezu Moghadam, Ph.D., Managing Director and Global Head of Data Science, J.P. Morgan Asset Management
  • Marty Edelman, Senior of Counsel, Paul Hastings
• Unpacking “Fairness” in Insurance
  • Moderator:  Azish Filabi, JD, MA, Associate Professor of Business Ethics, Executive Director, The American College Cary M. Maguire Center for Ethics in Financial Services
  • Lisa A. Schilling, FSA, EA, FCA, MAAA Director of Practice Research, Society of Actuaries Research Institute
  • Peggy Tsai, Chief Data Officer, BigID    
• Case Study - AI Governance in Life Insurance 
  • Azish Filabi, JD, MA, Associate Professor of Business Ethics, Executive Director, The American College Cary M. Maguire Center for Ethics in Financial Services
  • Sophia Duffy, JD, CPA, AEP®, Associate Professor of Business Planning, The American College of Financial Services

The summit provided valuable insights into the evolving landscape of AI regulation and ethics, emphasizing the importance of collaboration, transparency, and responsible AI practices.

Stay tuned for forthcoming insights highlighting specific discussion topics from our esteemed panelists, including regulators, researchers, and industry leaders.

To learn more about AI in financial services, you can explore further with research from the Center for Ethics in Financial Services.