As more organizations continue to apply and use artificial intelligence (AI) within their systems, the technology is expected to play “a crucial role in enhancing both efficacy and efficiency in addressing new challenges,” says Rajeev Gupta, Co-founder and Chief Product Officer, Cowbell.
Gupta explains that Cowbell anticipates witnessing more automation in both back-office and front-office applications “due to the increased adoption of AI and generative AI.”
It is important to remember, that generative AI (Gen AI), is a type of AI technology that can produce various types of content. This includes: text, imagery, audio and synthetic data.
However, this form of AI is already proving to be quite a disruptor across the industry, and its adoption is said to be growing at an explosive rate, according to a recent analysis from Aon.
Moving forward, Gupta explains how AI is likely to play a significant role in both cybersecurity and insurance.
“AI can be used to detect and respond to cyber threats more effectively, and it can also help insurance companies assess and manage risk more accurately.
“Advancements in quantum computing may also pose both challenges and opportunities. While quantum computing can potentially break current encryption methods, it can also be used to develop more secure encryption algorithms.”
In addition, Gupta suggests that the “increasing connectivity” of devices due to the Internet of Things (IoT) is likely to create new vulnerabilities, making cybersecurity measures even more critical.
“As a result, there may be a growing demand for insurance coverage related to IoT security breaches.”
Adding: “Personal cyber insurance is likely to become more relevant as individuals increasingly rely on more technologies in their daily lives.”