Machine learning and AI have enormous potential for insurance, notably in risk selection, pricing and marketing.  But insurance companies need to proceed thoughtfully as the pace of advancement in AI technology outstrips legislation, creating a minefield for reputational risk. 

Companies like Facebook have suffered by only thinking about data privacy after suffering serious breaches and receiving damaging press. This offers a lesson to the insurance industry who cannot afford to adopt the "move fast and break things" mentality.