Speaking recently at the Geneva Association’s 50th Summit in Zurich, Switzerland, Walter Pasquarelli, OECD One AI Group of Experts, explained how artificial intelligence (AI) can effectively be applied into businesses, as well as the steps that organisations should be making.
He explained that it is important for companies to align the technology with their business strategy.
“The AI strategy is the business strategy. Identify the use cases and where AI can help you, this is the way to do it rather than just saying that you want to use AI. Once that is done, look at your capabilities within your organisations.”
This involves organisations asking key questions such as whether they have the right talent, and whether they have their data in order.
He also highlighted that the technology is a “journey” and that finding success from it will not happen in a quick manner.
“It’s not something that will happen tomorrow. You cannot transform your company within a day, a week, or a month.
“The important thing is start slowly, but really give it a try. AI is going to change the whole economy.”
Moving forward, during his presentation, Pasquarelli also explained how machine bias within AI can also be a major issue, especially within the insurance industry.
He, added: “Be aware of biases and audit the data that you use, and make sure the people that are affected and that you serve are involved in some way with some of the auditing, and that you speak to them regularly to understand their context and their lived experiences.
“Data is where AI begins and ends. Data is where you really need to put your effort in to develop systems that are not only good in a way where they don’t contain bias, but systems that are also trustworthy for your clients, because this shows them that you have done your research and that your tools are able to accurately reflect some customer needs.”
Meanwhile, MAPFRE’s Chairman and CEO, Antonio Huertas, who also recently spoke at the Geneva Summit, explained that the industry “must legislate on the ethical risk of AI”, emphasizing that this must be done judiciously.
