Increased adoption of AI to drive efficiency requires robust governance frameworks to ensure responsible and ethical practices. AI governance should address issues of fairness. transparency, accountability, and explainability to build trust and mitigate potential risks.
Generative AI is poised to revolutionise the UK insurance sector, but its implementation raises crucial cybersecurity and privacy concerns. Striking a balance between innovation and risk mitigation is essential for insurers to harness the transformative power of generative AI responsibly.