CAS Research Council Issues Request for Proposals on Regulation Related to Algorithmic Bias
The CAS Research Council is issuing a Request for Proposals (RFP) to generate a brief that discusses issues and best practices as relates to emerging regulation/statutes surrounding algorithmic bias.
Casualty Actuarial Society (CAS)
CAS is the world’s only actuarial organization focused exclusively on property and casualty risks. Visit https://www.casact.org/about for more information.
The CAS Research Council
CAS formed the Research Council in 2021 to help prioritize the research needs of the general insurance actuarial community.
Research Problem Description
Over the past several decades, various regulations and statutes have attempted to (directly or indirectly) address the potential for algorithmic bias in insurance pricing, with a particular focus on the potential impacts any such biases may have on protected classes. The scrutiny of regulations and statutes has up-ticked in the 2020s with one of the most well-known examples being Colorado SB21-169 and subsequent regulatory activity. At the same time, the range of algorithmic capabilities is increasing as quickly or more so – as illustrated by the virality of ChatGPT starting in late 2022. These compounding developments are challenging industry stakeholders to quickly understand, achieve, and illustrate compliance with complex sets of guidelines that are emerging. The CAS is soliciting research proposals for a practical paper to help actuaries understand and respond to this evolving regulatory landscape amid the advancing technological developments.
CAS is open to however few/many pages are necessary to sufficiently address the research problem but 20-40 are typical. The paper should present technical information with sufficient clarity for stakeholders without actuarial/STEM backgrounds to find them accessible and useful. Any accompanying code examples will be shared on the CAS GitHub site (https://github.com/casact). All material on GitHub is released under the Mozilla Public License, version 2.0 (https://www.mozilla.org/en-US/MPL/2.0/).
Proposals should include a clear outline of the work that will be performed and the time frame in which it will be performed (including key dates). The proposal should be accompanied by the resumes of the researcher(s), indicating how their background, education, and experience bear on their qualifications to undertake the research. The CAS contract will be awarded to the respondent who - in the judgment of the Research Council or its designee and entirely based on their written proposal - is best able to perform the work as specified herein. If the committee or designee determines that no proposal meets the requirements of the RFP, then no contract will be awarded.
Receipt of proposals will be acknowledged in a timely manner. Respondents who are not awarded the contract will be informed shortly thereafter.
Interested researchers should submit their proposals and any questions to:
Mallika Bender, FCAS, MAAA
DE&I Staff Actuary
Casualty Actuarial Society
Proposals should be submitted within four weeks of this announcement. A selection will be made by October 30th at the latest. Interested parties are welcome to submit questions about the RFP. All questions and responses will be circulated to all who submit a proposal. CAS may engage interested parties during the review period to further discuss proposal.
Respondents should include requested funding (if any) and attribution to corresponding research activities in the proposal. Total cost should not exceed $50,000.
Presentation, Ownership and Publication of Report
As a condition of selection, the CAS requires that all right, title, and interest, including copyright and patent, in and to the report be owned by the CAS. The selected researcher/research team must sign a formal research agreement that assigns all such rights to the CAS. In any publication of the report, the researcher(s) will receive appropriate credit with regard to authorship. The CAS may publish the report in its entirety, or any sections thereof, in any format and medium as it finds fit, including but not limited to CAS publications, and electronic versions such as on its Web site or physical storage media.