“It is imperative that we collectively ensure that Generative AI (GenAI) does not succumb to mere hype; its potential is undeniably significant.”
This sentiment was echoed by Pravina Ladva, Group Chief Digital and Technology Officer at Swiss Re, during her discussion with Alex Morris-Tarry, Chief Technology Officer of Neuron, WTW’s digital re/insurance platform, at the 2024 edition of Insurtech Insights Europe. Their conversation focused on ‘Balancing the opportunities and risks of generative AI’.
Understanding GenAI within broader technological trends, Morris-Tarry observed that technology inevitably becomes ingrained within organizations, eventually taken for granted, with AI being no exception. Ladva drew a parallel between AI’s potential and transitioning from a basic calculator to a scientific one, highlighting the transformative power that comes with access to a tool enabling greater creative freedom within the confines of robust security and governance.
Ladva’s directive to the market regarding generative AI was resolute: “Take action and begin implementation. Start experimenting. The longer we spend strategizing, the longer it will take to realize its impact. The technology is available; merely having a plan won’t suffice.”
She emphasized the importance of considering change parameters, revenue generation, and efficiencies but cautioned against solely focusing on the latter.
