Building trust in the age of AI: The role of risk governance in insurance
By Gaurav Banka, Chief Risk Officer, Aviva India Life Insurance
Trust has always been the foundation of insurance. Customers share some of their most personal information and commit to long-term financial decisions with the expectation that insurers will act fairly when it matters most. As artificial intelligence reshapes how risks are assessed and decisions are made, that expectation remains unchanged. What is changing, however, is the need for stronger oversight of the systems driving those decisions. In the age of AI, risk governance is no longer just about managing downside risk; it is about ensuring that innovation remains worthy of customer trust.
Consider a situation where an AI model identifies two customers with similar risk profiles but recommends different outcomes based on patterns that are not immediately evident to business users. The technology may have worked exactly as designed, but if the rationale behind the decision cannot be understood, challenged...
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