Hong Kong insurance leaders band together on regional AI development, adoption Seven major insurers, including AIA, AXA and HSBC Life, on Monday signed a pledge and joined a Hong Kong Insurance Authority programme to promote the adoption of artificial intelligence in the sector to enhance the city as a regional AI hub. FWD, Prudential, YF Life, and China Taiping Insurance (HK) also signed the pledge during a ceremony at Cyberport. Each company will establish and staff an AI centre in Hong Kong to develop innovations for use across the region. The seven insurers are the first to join the authority’s AI Cohort Programme, which will also focus on sharing their AI experiences with their peers, said Clement Cheung Wan-ching, CEO of the Insurance Authority. The authority planned to issue new regulatory guidance next year for all insurers on how to properly adopt AI in their businesses, Cheung said after the ceremony. It would also set up an AI expert group, including regulators, industry representatives and technology players, to guide the industry on using the technology to enhance productivity and service without infringing on customer privacy, he said. “AI development is a worldwide trend across different sectors, including the insurance industry,” he said. “Hong Kong will need to make sure we have sufficient talent, sound regulation and infrastructure in place for us to be an AI hub and international risk-management centre.” Only 20 per cent of the city’s 157 insurance companies were actively adopting AI in their operations, such as handling claims and managing documents, Cheung said. About 40 per cent of insurers were exploring ways to adopt AI, while the rest had no idea how and when to use it, he added. “The pledge and the new programme will allow the Insurance Authority and the seven insurers, who are leading AI players in the sector, to develop training and guidance and to share experience with the other two tiers of insurers to encourage them to adopt AI in their businesses,” Cheung said. “It is also important to have standard guidance for all insurers to follow when they are using AI, as that involves a lot of customers’ information.” AI has the potential to be the biggest enabler of productivity increases in society, said AIA Group CEO and president Lee Yuan Siong, adding that the technology offers “huge” opportunities for the city and the industry. “Hong Kong has what it takes to become the lighthouse for the insurance industry globally, because Hong Kong is a pre-eminent international financial centre,” he said. Daisy Tsang, CEO of HSBC Life for Hong Kong and Macau, said the insurer joined the cohort programme to show “its commitment to innovation, nurturing AI talent and making the insurance industry more efficient and sustainable in serving customers’ needs with collective efforts from the Insurance Authority and industry peers”. Anette Bronder, group chief technology and operations officer with Prudential, said AI was a “critical enabler” of digital transformation. “It powers our ambition to become a digital-first insurer and helps us better serve our customers and agents,” she said, adding that the pledge and the programme would allow Prudential to give back to the industry and community to “shape the future of insurance together”. AXA had already adopted AI to speed up claims, detect fraud and automate complex workflows, said Sally Wan, CEO of AXA Greater China. “Looking ahead, we are excited to unlock AI’s potential to better predict and manage risks effectively, helping us anticipate challenges and adapt to future risks,” Wan said. The cohort programme was about more than technological progress, she added. “It’s a commitment to responsible and collective innovation,” she said. “Together with all the industry leaders here, we will shape an AI-powered future that benefits our customers and community.” https://www.scmp.com/business/companies/article/3322228/hong-kong-insurance-leaders-band-together-regional-ai-development-adoption (ICE HONG KONG)

Fonte notizia: South China Morning Post