According to analysis by Swiss Re Institute, their report, called, Decoding Digital Trust: A consumer perspective, shows that Germany, France, the UK, Canada and the US are in the top 20 most prepared for AI out of 120 countries in the study.
However, trust in this technology is comparatively low in these advanced digital economies, with only a third of respondents on average in each country understanding and trusting AI.
The most AI-trusting people hail from emerging digital growth markets such as India, Nigeria, Mexico, Indonesia, Philippines and Argentina.
Trust in AI is influence by cultural and social factors, says Swiss Re
According to the analysis, digital trust is influenced by a variety of psychological factors including cultural and generational attitudes, trust in institutions, incidence of online fraud, ease of use and understanding of technology such as AI. The report also delves into how technology such as sensors and AI/automated decision-making is closing the gap between the real and online worlds.
However, for re/insurers, digital trust is vital for business since access to data is the key component behind risk analytics and automation capabilities.
Speaking about the findings, Pravina Ladva, (pictured) Group Chief Digital & Technology Officer of Swiss Re, said: “As the insurance industry increasingly improves its value chain with advanced analytics and different forms of AI, creating digital trust is essential. What is surprising in ‘Decoding Digital Trust: A consumer perspective’ is that countries with advanced levels of digital infrastructure have relatively little trust in AI.”
She continued: “This really underlines how important it is to be transparent with customers, truly understand their needs and deliver on them. The safety, security and efficiency of online engagements is paramount, especially in the insurance industry where customer relationships are built on trust.”
Rob Burr, CEO of iptiQ, Swiss Re’s digital B2B2C insurer, added: “To foster digital trust in insurance, much can be done in establishing transparency and effectively engaging with customers at every relevant touch point. The findings of this report are a call for insurers to think about their customers’ gut feelings and how they can work with them to establish digital trust. The key is to leverage innovative technologies that offer seamless customer experiences and make every aspect of insurance as good as humanly possible.”
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Source: Swiss Re
