MINT Leads Successful AUD950k Linkage Project

Socially Responsible Insurance in the Age of AI

MINT, in collaboration with Insurance Australia Group, the Gradient Institute, the University of Sydney and HMI has been awarded an AUD 495,000 Australian Research Council Linkage grant to study Socially Responsible Insurance in the Age of AI. The project will receive a further AUD 350,000 funding from IAG, and AUD 100,000 funding from ANU. Seth Lazar is Lead CI, joined by Chris Dolman from IAG and Tiberio Caetano from Gradient, Jenny Davis and Damian Clifford from HMI, and Kimberlee Weatherall from USYD Law.

This project aims to discover the social costs and benefits of using Artificial Intelligence in insurance, and to design practical interventions—responsible design workshops, practical guidance, regulatory proposals, new algorithmic tools—that realise the benefits while mitigating the costs. It expects to generate new knowledge drawing on philosophy, law and sociology, working closely with practitioners at the forefront of deploying AI in insurance. Expected outcomes include novel ethical AI-based approaches to product design, pricing and claims administration. This should benefit insurers and consumers, realising efficiency gains made possible by AI, without unacceptable costs to privacy, fairness, and the unaccountable exercise of power.

More details (and more official announcement) to come soon!