There is still a long way to go until Artificial Intelligence (AI) tools such as Chat GPT -which reached 100 million users in record time- are used massively in all kinds of companies and sectors of the world economy. Despite the heavy investments by technology giants, insurers point out that, in order to unleash their full potential in all types of automated processes, a detailed analysis of the risks that this emerging technology entails is necessary. This is the approach of five large companies in the sector -Dealroom.co, Mundi Ventures, NN Group, MAPFRE and Generali- that this Thursday will present the third report in Barcelona The State of Global Insurtech, an analysis of the state of the technology industry applied to insurance. The document will be presented in the framework of the congress Digital Insurance Agendawhich began this Wednesday in the Catalan capital with a conference on responsible AI in the future of the economy.
Barbara Fernández, deputy director of Mapfre Open Innovation, has defended in the colloquium normalizing concepts like this in the industry: “The concern of legislators and companies is growing” when addressing the potential of AI tools, she has assured. In the current context, she points out that “the risks are still little known” and that they stand out for their enormous complexity; such as biases that discriminate based on ethnicity or gender, damage to intellectual property or the violation of data protection. From their company they are committed to analyzing them from three perspectives: the operation of their security; ethical transparency and regulation in accordance with the law.
She and the rest of the participants have agreed that the offer of insurance that covers the use of automated algorithms by an AI without human intervention is “practically non-existent”. Even so, the expectations of the report is that its application will grow gradually throughout this decade in sectors such as Retail, pharmaceuticals, health or telecommunications. Mapfre, for example, has been applying AI for two years in one of the most thriving sectors: the automotive industry.
When a client has an accident without being injured, they can take photos of the car with their mobile phone and an algorithm instantly detects defects in the bodywork and draw up a personalized policy. Still, they regret that most companies use these technologies in “very controlled test environments.” An investigation carried out by his company estimates that the generative AI market will grow to 110 million euros in 2027. Fernández has insisted that we must prepare for a flourishing of “many start-ups” with “very fast and flexible” products.
Despite the efforts for clear legislation worldwide, there are only regulations in force in China and part of the United States (Colorado and New York), has stressed the OECD analyst, Luis Aranda. The legal application in other countries such as Japan or the future regulations of the European Union, scheduled for 2026, are pending.
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