AI OPPORTUNITIES SHOULD BE EMPHASISED MORE: AIRMIC

Over half of respondents in this week’s Airmic Big Question survey said their organisation has benefitted from the use of artificial intelligence (AI) solutions, in the lead-up to Airmic fastTrack Forum to be held this Thursday which will discuss the future skills needed by risk and insurance professionals in a world of increasing uncertainty.

Julia Graham, CEO, Airmic, said: “While organisations should carefully consider the ethical and other risks from the use of AI, those that successfully leverage AI can gain a competitive advantage, by improving operational efficiency, reducing costs, and delivering better products and services.”

Other benefits respondents said their organisations had experienced include using AI solutions to prevent fraudulent transactions, and to analyse big data to improve the customer journey.

Hoe-Yeong Loke, Head of Research, Airmic, said: “Charities and not-for-profit organisations stand to benefit a lot from using AI solutions given their more limited resources, but that has also meant that they need more help in ensuring they comply with data governance regimes. Meanwhile, public bodies have to be able to account for their decisions, which limits the scope of AI use in their decision-making processes.”

In June, Airmic released a guide on AI risks and opportunities for board directors as part of an acclaimed series produced in collaboration with McGill and Partners.

Leigh-Anne Slade, Head of Media, Communications and Interest Groups, Airmic, said: “Airmic members increasingly cognisant that the interconnected risks of an uncertain world will require a more dynamic approach to risk management, which AI solutions can help achieve. Airmic is playing a role in supporting the risk profession with the future skills needed to harness the AI revolution to their advantage.”

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We will be sharing the results of the Airmic Big Question with the press weekly.

You can also find the results here.

Media contact: Leigh Anne Slade
Head of Media, Communications and Interest Groups, Airmic
Leigh-Anne.Slade@Airmic.com
07956 41 78 77