The Insurers Federation of Egypt (IFE) has affirmed that adopting AI technologies within the insurance sector is a strategic step toward developing the market, boosting competitiveness, and enhancing operational efficiency across all insurance branches.
The Federation stressed that this progress must be accompanied by a firm commitment to the highest ethical and governance standards to safeguard customer rights and preserve the stability and reputation of the Egyptian insurance market.
As part of its role in supporting the sector’s sustainable development, the Federation highlighted eight key recommendations:
- Ethical standards: Ensure fairness, transparency, and explainability in AI systems.
- Combating bias: Regularly test for data and model bias, especially in life and health insurance, to prevent discrimination.
- Data protection: Comply with privacy laws and use customer data transparently to build trust.
- Transparency & explainability: Clearly explain automated decisions and allow customers to appeal or request human review.
- Responsible digital transformation: Integrate AI in underwriting, claims, and customer service while maintaining accountability and fairness.
- Human capabilities: Invest in workforce training to manage AI systems effectively.
- Regulatory cooperation: Work with authorities to establish clear AI guidelines and standards aligned with best practices.
- Innovation & trust: Foster innovation while ensuring AI applications remain fair, understandable, and trustworthy. M