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The article discusses the Australian government's interim response to the challenges posed by artificial intelligence (AI), which includes eight AI Ethics Principles aimed at ensuring the technology is safe and reliable. The insurance industry is a significant investor in AI, with projections estimating its value to exceed $45 billion globally by 2031. However, concerns about AI governance and ethical use are highlighted as critical challenges that need addressing.
The upcoming Women in Insurance Summit Australia will focus on successful AI applications in the insurance sector and the ethical implications of these technologies. Legal practice and insurance are among the top sectors investing in AI, with firms like Sparke Helmore Lawyers emphasizing the need for stringent data security measures. The article also notes that a KPMG report indicates a strong demand among insurance CEOs for a robust regulatory framework to address AI's ethical challenges.
• AI in insurance projected to exceed $45 billion globally by 2031.
• KPMG report highlights need for robust AI regulatory framework among insurance CEOs.
These principles aim to address safety, reliability, and ethical concerns in AI applications.
It is seen as a tool to enhance efficiency in claims and case handling within the insurance sector.
The article emphasizes the importance of data security in the context of AI tools used in legal and insurance practices.
The firm is a Gold Sponsor of the Women in Insurance Summit and advocates for stringent ethical standards in AI use.
The chief commercial officer chairs the Women in Insurance Summit, highlighting AI's role in reducing customer stress during claims.
KPMG's report on insurance CEOs underscores the need for a regulatory framework addressing AI's ethical challenges.
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