22 September 2023ArticleUSA analysis

Artificial intelligence: time to worry, or just to think?

Artificial intelligence (AI) and the question of if it’s a threat or a benefit to us all is a topic that’s all over the media at the moment and was also looked at in this year’s Captive International US Focus.

One particular variant, ChatGPT, is taking up a large amount of space in newspapers and magazines. It’s a form of AI that can be used to absorb a large amount of information and write a script based on the topic at hand. Used correctly it can be a useful tool to help summarise a complicated topic for someone looking to explain something.

However, there is (of course) a downside. Used incorrectly it can be used to cheat at homework or, in one memorable case that hit the headlines, it can be used to write a formal legal submission—and in the process make up the legal citations referring to past cases that supported it, resulting in judicial fury.

How does this new tool impact insurance and captive insurance in particular? Some think that the insurance industry might follow in the footsteps of the banking industry when it comes to AI. Captive Internationallooked into this in a free article that you can read here.