In a recent report conducted by Spanish insurer MAPFRE, a framework of actions is presented for insurers to consider in anticipation of potential advancements in Generative Artificial Intelligence (AI), aimed at mitigating risks and fostering a positive impact on society.
The report, titled, “Exploring tomorrow: the role of insurers in a society marked by Generative AI”, outlines four extreme yet plausible scenarios for how Generative AI could impact society by 2029, along with the role the insurance industry could play in each scenario.
José Antonio Arias, Chief Innovation Officer at MAPFRE, clarifies, “Our objective is to carry out a balanced, bold, and sincere reflection on the eventualities that could arise in every possible scenario for the evolution of Generative AI. By doing so, we’ll be able to work so that, no matter what the future may hold, the best possible scenario for everyone materialises.”
In each scenario, new risks emerge or preexisting ones are exacerbated, necessitating the insurance industry’s need to protect itself and its customers, as well as to adapt to meet new protection needs.
MAPFRE has created a framework for the insurance industry, detailing how companies can preemptively adopt preventive measures against evolving Generative AI for their benefit and that of their customers.
One line of action outlined by MAPFRE is the increased demand for cyber protection through insurance, given the evolving sophistication of cyberattacks facilitated by AI. This includes suitable coverage and services aimed at preventing, detecting, responding to, and recovering from cyberattacks.
Other action plans involve providing services that promote the responsible use of Generative AI, offering tools to detect false evidence, developing tailored products to enhance customer experience, and educating teams on Generative AI.
Arias emphasises the importance of this framework, stating, “The awareness and education of society regarding the responsible and appropriate use of Generative AI is essential in all areas. Insurers must contribute in this regard, taking preventive measures to reduce the risks to which individuals and companies are exposed.”
“There’s no time to waste, and at MAPFRE we’re already hard at work,” Arias adds.
