In a groundbreaking initiative to anticipate the challenges of the future, MAPFRE has launched a revealing study that outlines how Generative Artificial Intelligence (GenAI) could reshape society by 2029. Titled “Exploring Tomorrow: The Role of Insurers in a Society Marked by GenAI,” the report breaks down four plausible scenarios that paint different future realities, offering a critical look at the potential impact of this emerging technology in various aspects of everyday life and the crucial role that the insurance sector will play.
This analysis by MAPFRE aims not only to illuminate the path towards GenAI adoption but also to reflect on how its integration could affect social, business, and regulatory dynamics, emphasizing the importance of an adequate response from the insurance sector to emerging risks and protection needs that will arise.
Four Scenarios of Evolution
1. Path to homo sapIAns: This scenario envisions a future where GenAI becomes a transformative and ubiquitous technology, with widespread adoption driven by permissive regulation. While improvements in interaction and accessibility are seen, concerns arise about the homogenization of thought and significant psychological dependence on these technologies.
2. Do you remember the GenAI hype?: Here, GenAI matures without reaching the expected stardom, focusing primarily on productivity and experiencing limited adoption due to interactive barriers and heightened awareness of its capabilities.
3. Seeking an antidote to chaos: In this scenario, restrictive regulation hampers the potential of GenAI technological development, limiting its use cases and hindering its adoption. An appreciation for human interaction emerges, especially in customer service contexts.
4. Technological Titans: A future dominated by a few BigTech companies that control the pace of GenAI development and adoption, leading to an effective transition in the workplace but also causing some frustration due to the concentration of power.
Implications for the Insurance Sector
The scenarios present challenges and opportunities for the insurance sector. From the growing need for cyber protection against sophisticated attacks to the imperative of adapting insurance products to new customer relationships driven by GenAI. Additionally, mental health emerges as a special focus area, given the increasing integration of these technologies in daily life.
MAPFRE emphasizes the importance of preparing for a range of eventualities, promoting the adoption of strategies that protect and meet the emerging demands of consumers. This includes strengthening cybersecurity and offering insurance and services that facilitate responsible and secure use of GenAI.
The MAPFRE report not only provides a deep look at the possible directions society could take with the evolution of GenAI but also underscores the critical role of the insurance sector in navigating these futures. By raising these reflections, MAPFRE seeks to anticipate changes and ensure that, whatever path the evolution of GenAI takes, it materializes in the best possible scenario for all.