03/20/2024 | Press release | Distributed by Public on 03/20/2024 04:02
How will Generative AI impact the society of tomorrow?
MAPFRE proposes four scenarios and the role that the insurance industry will play in them
March 20, 2024. Madrid, Spain. - Generative Artificial Intelligence (Generative AI or GenAI) is helping to transform the world we live in, with a very high rate of technological development and adoption amongst society and businesses. Delving deeper into society's use of this technology and reflecting on how its adoption can impact our way of life is critical to ensuring a better future.
MAPFRE, a leading insurance company in Spain and the top insurance group in Latin America, has conducted an analysis to propose four scenarios in which Generative AI could impact society by 2029, and to study what role the insurance industry could play in each of them. The resulting report is entitled: Exploring tomorrow: the role of insurers in a society marked by Generative AI.
"We're not trying to predict the future with the exercise outlined in the report. 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 materializes," explains José Antonio Arias, Chief Innovation Officer at MAPFRE.
Four evolution scenarios
As part of this exercise, reports, papers, and articles were consulted and interviews were conducted with experts from different fields ranging from technology to sociology or economics. Based on this research, four plausible scenarios for 2029 were defined.
In each of these contexts, areas such as health and healthcare, mobility, cybersecurity, the relationship between people and their relationship to technology, the adoption of technology at a business and user level, leisure activities, education, or possible regulations were analyzed:
All these scenarios depict extreme realities, but they are within the realms of possibility, according to the perspectives collected during our research. "At MAPFRE, we don't assess the probability of them occurring. We only say that they are possible, and that a combination of them will determine how reality is influenced by the evolution of GenAI," asserts the CIO.
Lines of action for the insurance industry
In these four scenarios, new risks emerge, while some preexisting risks are exacerbated by the proliferation of Generative AI. These risks are intrinsically linked to emerging and not-so-recent needs that become more relevant to people.
In response, the insurance industry must address two key aspects. On the one hand, protecting itself and protecting its customers against these risks, and on the other hand, adapting to meet the new protection needs that arise.
To this end, MAPFRE suggests a series of action plans to offer the sector a framework for reflection and the development of initiatives aimed at creating a positive impact on society:
The insurance industry must strengthen its commitment to services and products to prevent and treat such illnesses and contribute to leveraging these technologies to improve the patient experience and effectiveness of treatments.
Thus, a huge opportunity arises to capitalize on this information to develop products and services increasingly tailored to the customer's needs (e.g., microsegmentation for dynamic insurance, on/off insurance, hyperpersonalized offers, etc.).
"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," asserts José Antonio Arias. "There's no time to waste, and at MAPFRE we're already hard at work," he concludes.
You can download the full report at this link.
Methodology
The Futurecasting methodology was used in this report. The scenarios were generated based on knowledge gathered through primary and secondary research methods, identifying the determining factors in relation to the evolution of reality around the focus topic. These factors were aggregated in 14 drivers (seven certain and seven uncertain), with which the scenarios were articulated.
This methodology allows participants to be placed in the four alternative futures, helping to explain how this situation is arrived at, what implications it has, and what opportunities could arise.