MAPFRE explores Generative AI's impact on society and insurance industry

Digital Reinvention
23/03/2024 News

Generative Artificial Intelligence (Generative AI or GenAI) is reshaping our world at a rapid pace, prompting MAPFRE, a leading insurance company, to analyze its potential societal impact by 2029. Through thorough research, MAPFRE has outlined four plausible scenarios and the role insurance might play in each.

José Antonio Arias, Chief Innovation Officer at MAPFRE, emphasizes the aim of the study: not to predict the future, but to reflect on the potential outcomes of GenAI's evolution. The four scenarios depict various societal landscapes shaped by GenAI's development:

• "The journey to homo sAIpiens": GenAI is widely accessible, but its extensive use raises concerns about psychological impact and dependency.

• "Remember all the GenAI hype?": GenAI matures, with limited interaction and productivity-focused adoption.

• "Chasing an antidote to chaos": Restrictive regulations hinder GenAI's potential, leading to a preference for human interaction.

• "Technology titans": Big Tech companies dominate GenAI's development, influencing widespread adoption and workplace transition.

While these scenarios present extreme realities, they offer insights into potential societal shifts influenced by GenAI. The insurance industry must adapt to address emerging risks and needs. MAPFRE proposes several action plans:

• Cyberprotection: With increased cyber threats due to GenAI's sophistication, insurance coverage and services must focus on preventing, detecting, and responding to cyberattacks.

• Responsible AI Use: Insurers should offer protection against risks associated with AI use, promoting responsible and unbiased AI practices.

• Health and Mental Health: GenAI's potential in healthcare must be balanced with its impact on physical and mental health, requiring insurance to address related challenges.

• Customer Relationships: Chat assistants driven by GenAI will reshape customer interactions, prompting insurers to develop personalized products and combat fraud.

• Fraud Prevention: The rise of AI-driven tools for falsifying evidence necessitates robust fraud detection mechanisms.

• Team Education: Insurers need diverse expertise, from AI specialists to social scientists, to ensure responsible GenAI development and use.

MAPFRE emphasizes the urgency of educating society on GenAI's responsible use, with insurers playing a crucial role in mitigating risks. As José Antonio Arias concludes, "There's no time to waste, and at MAPFRE, we're already hard at work."

Download the full report on MAPFRE's website

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