Abstract
The domain about what it means to give responsible and human centric recommendations in the context of Artificial Intelligence (AI)-based insurance has not yet been fully explored. In this article, we therefore, first provide an in-depth analysis and perform a systematic literature review on (i) the specifications and requirements for such systems from a regulation point of view, (ii) instructions on which data they can rely upon, (iii) which recommender techniques can be used for developing such an advisor, (iv) off-the-shelf components for the trustworthy, responsible, and ethical behavior of this AI-empowered tool. Then, we present a novel approach, based on AI, to suggest insurance coverage for users and families, as well as instructions on how to design such a system. The solution, as proposed in our paper, will be transparent, trustworthy, and responsible to the final users and thus, hopefully, better accepted by customers. After describing a possible system design and architecture, we critically discuss the challenges and opportunities for the deployment of such systems in insurance companies.
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