Not many legislations are as controversial as the impending EU Artificial Intelligence Act, that will regulate the usage of Machine Learning and Deep Learning methods within the European Union’s economic area.
While it can be argued that adoption of AI methods and processes has been slow in the insurance business, current wording suggests that also many common practices not previously considered “AI” might be subject of regulation as well. Although not all details are clear, there are some areas where there will be consequences as well as an urgent need for action with respect to the actuarial practice.