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The insurance sectors in Australia and New Zealand are facing challenges in effectively and safely integrating artificial intelligence (AI) technologies. Australia has taken proactive steps by establishing AI Ethics Principles and investing in responsible AI initiatives, while New Zealand's government has been slower to provide guidance. Industry leaders in New Zealand are expressing concerns over the lack of regulatory frameworks, which they believe are essential for navigating AI's complexities.
A recent KPMG survey indicates that a significant majority of insurance CEOs globally recognize the need for a robust regulatory framework for AI. The urgency for regulation is underscored by the rapid pace of AI development, which outstrips existing regulatory measures. Industry stakeholders are advocating for clearer guidelines to ensure safe and effective use of AI technologies in the insurance sector.
• Insurance CEOs demand a robust regulatory framework for AI technologies.
• Australia leads in AI regulation while New Zealand lags behind.
These principles were established in Australia to guide businesses in the responsible deployment of AI technologies.
The lack of such a framework in New Zealand is a concern for industry leaders seeking to navigate AI's complexities.
The New Zealand government is considering such regulations but has not prioritized them yet.
IAG played a key role in piloting the AI Ethics Principles in Australia.
The CEO, Paula Sheppard-Jones, highlighted the lack of regulatory guidance in New Zealand's AI landscape.
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