The ethical and regulatory issue of the fairness, transparency and market of the insurance business in the world of AI insurance was discussed by Marc Voses.

The insurance industry is being revolutionized by AI, and ethical and regulation challenges arise. To illustrate the potential of AI bias creeping into underwriting and claims handling, Clyde & Co's Marc Voses says that the use of such an algorithm can result in unfair pricing and coverage practices. To that end, insurers need to use fairness standards and guarantee an open approach to AI systems while keeping tabs on advancements to prevent this type of undeserved bias from occurring again.

Voses emphasizes that ethical considerations in insurance processes must accompany automation. With a focus on transparency and accountability in AI, insurance brokers must stay updated on evolving regulations like the NAIC's bias audits and fair AI frameworks.

AI in insurance provides lower premiums, quicker claims, and improved satisfaction. However, Voses notes potential consumer drawbacks; transparency is crucial, with brokers educating clients on benefits.