MAPFRE’s report highlights the emergence of Responsible Artificial Intelligence (RAI), a new framework that uses processes and guidelines to steer AI development in a more socially beneficial direction, protecting individuals and communities.
Based on extensive research and interviews with experts from various industries and regions, it also highlights the potential risks and opportunities associated with AI. It emphasizes the need for collaborative efforts within the industry to deploy AI in a manner that generates positive outcomes while minimising risks.
The report provides a thorough analysis of the current state of generative AI and explores global jurisdictions considering AI regulation. It delves into the operational, ethical, and compliance risks associated with the technology, including the rapid adoption of new AI tools that could potentially breach existing GDPR and data protection laws.
Bárbara Fernández, head of Disruptive Innovation at MAPFRE, focused on the urgency of addressing AI risks: “Never has the world seen technology adopted as fast as generative AI. With concerns from policymakers and corporate leaders becoming more widespread, and the risks so little understood, now is the time to take AI seriously and work together to put in place common ways of working with the technology to help safeguard individuals and communities while also promoting positive innovation.”
While AI tools have experienced remarkable growth, their adoption is still in the early stages. Given the latent risks involved, some companies and countries have imposed outright bans on AI, while others are conducting pilots and proofs of concept in controlled environments to assess potential risks mitigation strategies.
With influential figures such as Elon Musk and OpenAI CEO Sam Altman warning about the dangers of generative AI and advocating for increased regulation, it is crucial to evaluate both the opportunities and risks presented by the technology. Fernández emphasizes the responsibility of business leaders, particularly within the insurance industry, to focus on reducing AI risks and leveraging its potential to make a positive difference in the world.
“Business leaders in all sectors should take this opportunity to focus on how to reduce the risks of AI and
focus on how it can make a positive difference to our world. As an industry that specialises in mitigating and
compensating risks, this is especially the case for insurance companies,” added Fernández.
Read MAPFRE’s report here:
