Risks, regulation in focus as AI boom accelerates
Source: Asia Insurance Review | Feb 2024
A rush of new generative AI products in 2023 brought new attention and fresh concerns about the emerging technology according to a new insight article by S&P Global Market Intelligence.
The article published in December 2023 said OpenAI’s ChatGPT and the integration of AI capabilities into established software products, such as Microsoft’s launch of AI tool Copilot for its suite of software, have pushed AI into the forefront this year.
According to S&P Global Market Intelligence data a burgeoning industry has been born, with more than 1,500 companies exclusively operating in the AI software space globally.
This boom has led to new scrutiny centred on how AI is being used, with particular emphasis on whether its implementation threatens to eventually plunge entire professions into obsolescence.
The insight article said technical companies are spearheading the adoption of AI tools, but the sector is far from alone in that pursuit. Consumer companies are scrambling to incorporate and tout their use of AI tools in both consumer and non-consumer-facing applications.
The recent turmoil at OpenAI has also added fuel to the discussion, intensifying questions surrounding AI governance and calls for more stringent guardrails on the technology.
AI tools are being implemented across a broad swath of the corporate world and are gradually seeping into the everyday lives of many, but legislation governing the use and safety of AI has lagged. A