Swiss Re Institute’s recent analysis reveals that countries leading in digital advancements are likely to harbour lesser trust in artificial intelligence (AI) technology.
This report shows that countries like Germany, France, the UK, Canada, and the US are among the top 20 most prepared for AI among the 120 nations studied. Despite their readiness, trust in AI technology remains comparatively low, with an average of only a third of respondents expressing understanding and trust in AI in these digital economies.
On the contrary, the study discovered a higher trust level in AI in emerging digital growth markets such as India, Nigeria, Mexico, Indonesia, Philippines, and Argentina.
The Swiss Re Institute identified that digital trust is shaped by a complex interplay of psychological factors. These include cultural and generational attitudes, trust in institutions, prevalence of online fraud, ease of use, and understanding of AI technology. It also underscored that technologies like sensors and AI or automated decision-making are bridging the gap between real and online worlds.
Digital trust, as pointed out by the Swiss Re Institute, is a critical driver for businesses, particularly in the insurance and reinsurance industry where risk analytics and automation capabilities are highly reliant on data accessibility.
Pravina Ladva, group chief digital & technology officer of Swiss Re, said, “As the insurance industry increasingly improves its value chain with advanced analytics and different forms of AI, creating digital trust is essential. What is surprising in ‘Decoding Digital Trust: A consumer perspective’ is that countries with advanced levels of digital infrastructure have relatively little trust in AI.”
Rob Burr, CEO of iptiQ, Swiss Re’s digital B2B2C insurer, added, “The findings of this report are a call for insurers to think about their customers’ gut feelings and how they can work with them to establish digital trust.”
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