MAPFRE’s CEO Highlights the Ethical Challenges of AI in Insurance at Geneva Summit (Reinsurance News)

MAPFRE’s CEO Highlights the Ethical Challenges of AI in Insurance at Geneva Summit

  Tuesday, November 28th, 2023 Source: Reinsurance News

At the Geneva Association Summit 50, MAPFRE’s CEO, Antonio Huertas, emphasized the importance of ethical considerations in AI deployment within the insurance industry. He highlighted the delicate balance Europe must strike between necessary AI regulation and maintaining competitive advantage, reflecting the insights from MAPFRE Open Innovations’ report on responsible AI. Huertas also pointed out the critical need for experimentation with AI to understand its capabilities and limitations.

Further, Huertas addressed the growing concern of cyber risks, heightened by our interconnected world’s conveniences and vulnerabilities. He urged that insurers’ responsibility extends beyond financial compensation, encompassing guidance for clients in the complex cyber threat landscape. He proposed more proactive approaches, including Public-Private Partnerships, to share cyber risks and narrow cyber protection gaps. This collaboration is crucial for maximizing societal benefits and ensuring comprehensive cyber protection.

Additionally, Huertas touched on the topic of sustainability, advocating for a socially equitable transition to a low-carbon model. He underscored the unfair burden on developing countries, which contribute minimally to global emissions but face significant challenges in the energy transition. In conclusion, Huertas called for the insurance industry to redefine its purpose and contribute to social and economic progress, not just risk protection.

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