KIROI Step 5: Ethics and compliance - ensuring the responsible use of AI using the example of an insurance company

In a world in which artificial intelligence (AI) is becoming increasingly important, the ethical and legally compliant use of AI technologies is becoming ever more important. The fifth step of the KIROI (Artificial Intelligence Return on Invest) strategy focuses on how companies can ensure ethical principles and compliance in their AI projects.

Customer example: ABC Insurance (name changed due to NDA contracts)

ABC Insurance, a large provider of insurance services, faced the challenge of integrating AI into their processes while ensuring that all ethical standards and legal requirements were met. The fifth step of the KIROI strategy helped them find this balance.

Development of an ethics and compliance framework

• Code of Ethics: A company-wide code of ethics has been developed that defines specific guidelines for the use of AI. This code includes principles such as fairness, transparency and data protection.
• Compliance programmes: To ensure compliance with legal regulations, comprehensive compliance programmes have been implemented and are regularly updated.

Implementation of ethical AI practices

• Training and sensitisation: Employee training courses were organised to raise awareness of ethical issues in dealing with AI. Regular workshops promote continuous dialogue on these topics.
• Transparency: ABC Insurance ensured that all AI-supported decisions are comprehensible and can be understood by those affected.

Monitoring and customisation

• Continuous review: An internal committee has been set up to continuously monitor the use of AI and ensure that ethical and legal standards are adhered to.
• Feedback mechanisms: Customers and employees were encouraged to provide feedback in order to recognise and address potential ethical concerns at an early stage.

This example shows how important it is to place ethics and compliance at the centre of any AI strategy. Share these insights to ensure a responsible approach to AI in your organisation too.

Result:

By consistently implementing ethics and compliance measures, JKL Versicherungen was able to strengthen the trust of its customers and consolidate its reputation as a responsible provider. At the same time, risks associated with the use of AI were minimised.

The fifth step of the KIROI (Artificial Intelligence Return on Invest) strategy emphasises the importance of ethics and compliance when dealing with AI. Companies that take these aspects seriously can not only avoid legal risks, but also gain the trust of their customers and employees.