Concerns and scepticism about AI

While Artificial Intelligence (AI) is rapidly being rolled out globally, concerns remain around privacy, cybersecurity and accuracy and reliability of outputs.

A survey by the Financial Planning Standards Board of more than 6,000 individual practitioners in finance found that 54% of respondents were either already using or piloting AI in their business (with a further 10% planning to rollout AI in the next 12 months). Respondents believe likely uses of AI will include collecting client information, analysing data and developing recommendations. Yet almost half worried about data privacy and cybersecurity and 42% worried about accuracy and reliability of outputs.

GlobalData’s 2024 Emerging Trends Insurance Consumer Survey, which polled more than 5,500 people across 11 countries, found consumers believed AI could have some benefits. Perceived benefits using AI included shortened time required to reach a customer service representative (73.8%), gains in operational performance (71.5%) and better pattern recognition than humans (71.2%). Those who have engaged with AI insurance chatbots were impressed, with 74.5% reporting being satisfied or very satisfied with the interaction. Despite these beliefs, consumers were found to have data privacy concerns and trust issues.

GlobalData’s 2024 Emerging Trends Insurance Consumer Survey (Q3), found that 39% of respondents would be quite or very comfortable having an AI tool decide the outcome of their insurance claim.

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