Majority of the world’s insurers and biggest banks are using external GenAI tools, and about a fifth of them have yet to decide where responsibility for AI lies. This is contained amongst the findings of an ORX survey of 26 of the world’s biggest banks and insurers, of which most were using Microsoft Copilot, followed by ChatGPT and Google Bard/Gemini. However, it seems that more needs to be done within some firms to effectively communicate these policies. Steve Bishop, research and information director at ORX comments, “Only last October, the picture regarding the use of GenAI in daily operations was very different, with many banks and insurers taking a cautious approach or even blocking access, mainly to ChatGPT. Since then, we’ve seen a slight shift and some firms have been using pilot exercises to explore the value of these tools and understanding use cases.

Source: Nigerian Tribune May 06, 2024 09:06 UTC