MADRID — Generative Artificial Intelligence (Generative AI or GenAI) stands as a transformative force, poised to reshape society and businesses alike with its rapid technological advancements. MAPFRE, a leading insurance company in Spain and Latin America, has delved into the potential societal implications of Generative AI by envisioning four scenarios set to unfold by 2029, offering insights into the role of the insurance industry in navigating this transformative landscape, according to a press release published on EuropaWire.
Through extensive analysis and consultation with experts across diverse fields, MAPFRE has outlined four plausible scenarios for the evolution of Generative AI by 2029:
- “The journey to homo sAIpiens”: Envisioning a future where Generative AI becomes a pervasive and accessible technology, albeit with limited awareness of its psychological impact and potential homogenization of thought.
- “Remember all the GenAI hype?”: Painting a picture of Generative AI as a mature technology, characterized by high usage costs and limited interaction, mainly focused on productivity-oriented applications.
- “Chasing an antidote to chaos”: Anticipating restrictive regulations and heightened awareness of the psychological effects of Generative AI, leading to limited adoption and a preference for human interaction.
- “Technology titans”: Envisaging a scenario dominated by Big Tech companies, driving rapid development and widespread adoption of Generative AI, albeit with concerns over power accumulation.
In response to these scenarios, MAPFRE underscores the emergence of new risks and the exacerbation of existing ones, necessitating proactive measures from the insurance industry:
- Cyberprotection: Addressing the heightened cybersecurity risks posed by Generative AI through tailored insurance coverage and services.
- Responsible use of AI: Promoting responsible and reliable usage of Generative AI through insurance offerings focused on compliance and risk mitigation.
- Health and mental health: Leveraging Generative AI to enhance healthcare processes while addressing potential health and mental health challenges arising from increased digitalization.
- New customer relationships and products: Capitalizing on conversational AI to foster deeper customer engagement and develop personalized insurance products.
- Fraud detection: Implementing mechanisms to detect and prevent fraudulent claims fueled by the democratization of image and video falsification tools.
- Team education: Investing in expertise across various disciplines to ensure responsible development and usage of Generative AI.
José Antonio Arias, Chief Innovation Officer at MAPFRE, emphasizes the importance of societal awareness and education regarding Generative AI’s responsible use, underscoring MAPFRE’s commitment to proactive measures in addressing emerging challenges and opportunities.
MAPFRE’s exploration of these scenarios offers valuable insights for the insurance industry’s preparedness in navigating the evolving landscape shaped by Generative AI.
