On 25 July 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) and the Dutch Central Bank (De Nederlandsche Bank, DNB) published a brochure on the use of artificial intelligence (AI) in the insurance sector (the AI Brochure).

The AFM and DNB foresee a rapidly increasing use of AI in the Dutch insurance sector. Both regulators believe it is important that AI is deployed in a manner that is responsible and in line with the requirements regarding sound and controlled business operations and the insurer’s duty of care. To assist in achieving this goal, the AFM and DNB have published the AI Brochure setting out ten points for attention that will be developed further (by the insurance sector itself).

The AFM and DNB focus on technical characteristics and organizational conditions, part of which is creating and maintaining a clear policy on how AI is applied in applications. They believe a critical look at the foundations of AI applications is necessary: the input, the model and the generated outcomes. There are also points for attention in the business and customer processes. For example, the question of how AI applications for online decision environments could stimulate consumers to make decisions that are in their best interest.

The regulators expect that the insurance sector will take these points of attention as a starting point for further investigation and analysis of the use of AI.

View the AI Brochure (Dutch only), 25 July 2019.