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A rapidly automated world is forcing insurers to navigate a new risk landscape, even as they leverage the potential of artificial intelligence to remain competitive, according to two reports released by Lloyd’s of London on Wednesday.
Artificial intelligence is affecting all sectors and aspects of our world and will continue to do so in the immediate future, Lloyd’s of London said in the report Taking Control: Artificial Intelligence and Insurance, published in collaboration with the University of Surrey, England.
“In insurance AI will impact all stages of the value chain, from the first enquiries, to the settlement of claims through to risk prevention,” the report said.
As businesses increasingly incorporate artificial intelligence into their systems and processes they will need insurance to protect them from a range of potential risks, Lloyd’s said in the report.
For example, as artificial intelligence systems become more complex, cyber breaches are likely to have an even greater impact, according to the report.
Legal uncertainty is also contributing to unanswered questions around who is ultimately liable when something goes wrong, Lloyd’s said in a statement.
While AI offers huge potential, “insurers must be aware of the risks associated with using this new and fast developing technology and respond to new demand by developing appropriate models and products,” Lloyd’s said in the report.
The impact of “collaborative robots” or cobots on the economy has the potential to significantly change the risk landscape in manufacturing, agriculture, health care and retail, Lloyd’s said in its second report Taking Control: Robots and Risk.
While the take-up of cobots is currently constrained by safety, security, liability and physical risks, insurance could help accelerate their adoption by “helping insureds identify the risks and by setting out ways to mitigate them,” Lloyds said in the report.
Artificial intelligence has the potential to become a useful tool in efforts to detect workers compensation fraud, experts say.