‘More clarity’ needed from regulators over AI

Regulators have been urged to provide more clarity about artificial intelligence (AI) to firms so they can make the most of opportunities provided by such technology.

Mazars’ latest C-suite barometer, which included views from bosses in the insurance sector, revealed that digital transformation was a top strategic priority for bosses, although 57% expressed concerns around the use of AI.

And 92% noted that more government regulation was important – especially surrounding the safe use of AI.

In turn, Elisabeth Maxwell, deputy chief executive of Mazars, said that “more clarity is needed from regulators” so firms can press on with their digital transformation.

“The feedback that Mazars’ c-suite barometer has highlighted is that more clarity is needed from regulators to enable businesses to make the best of the opportunities provided by potentially transformational technology and to enable companies to quantify success in sustainability practices,” she said.

Investment

The barometer, which was published yesterday (22 April 2024), included the views of 798 c-suite executives across different sectors – 202 were c-suite executives in financial services, which included the insurance sector.

Maxwell also noted that the research showed optimism among UK firms in wanting to invest in AI.

“Companies are willing to put investment in again and there are exciting developments on the horizon for AI,” she said.

Figures published by technology solutions provider FIS in August 2023 also revealed that the UK insurance industry was taking up AI at a faster pace than the US market.

”With consumers showing significant concern about the state of the economy, especially higher inflation and interest rates, businesses are exploring how they can build trust with existing and potential new clients,” Himal Makwana, head of platforms, strategy, operations and venture at FIS, said.

”Many of the executives we surveyed plan to do so with future-looking technology, such as embeddable financial services using APIs (application programming interfaces), blockchain and generative AI to deliver advanced customer experiences.”