In response to the recent findings from the Swiss Re Institute highlighting the heightened susceptibility of the health sector to AI-related threats, Pravina Ladva, Group Chief Digital & Technology Officer at Swiss Re, underscores the crucial function of re/insurance in managing these risks and nurturing the digital trust essential for maximizing the advantages of advancing technologies.
The analysis conducted by Swiss Re Institute indicates that the health and pharmaceuticals sector is on the cusp of experiencing substantial effects from artificial intelligence (AI) in the forthcoming decade.
As AI technologies progressively infiltrate various facets of the health industry, encompassing administrative tasks, patient monitoring, diagnostics, and drug development, the associated risks are concurrently intensifying, with the potential for grave or fatal outcomes.
Christoph Nabholz, Chief Research & Sustainability Officer at Swiss Re, underscores, “While AI risks currently predominantly impact IT services as an early adopter in this domain, the landscape is anticipated to evolve as technology becomes more ubiquitous across all sectors, including health and mobility.”
He continues, “Consequently, insurance entities are beginning to introduce tailored coverage for AI performance failures, identified as one of the foremost risks across all industries.”
Ladva asserts, “The advantages of AI across a spectrum of industries are profound, yet they are accompanied by risks that could expose vulnerabilities.”
“Given its function as a stabilizing force, the re/insurance sector has a pivotal role in confronting AI-related risks and facilitating the establishment of digital trust necessary for leveraging the complete potential of such emerging technologies,” concludes Ladva.
