The June 2024 brief outlines the growing importance of model governance in insurance as advanced analytics and AI become central to operations like risk assessment, pricing, and claims management. Effective governance requires standardized processes to ensure quality, detailed documentation of methodologies and data, and early stakeholder engagement with feedback loops to drive adoption. Continuous testing and monitoring are vital to detect performance issues, while third-party solutions can enhance governance capabilities. Emphasis is placed on transparency, explainability, and change management to support compliance and operational effectiveness.

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