EIOPA surveys European insurers on their use of generative AI

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a new survey today to assess the adoption of generative AI solutions across the EU’s insurance sector. The survey will gather insights both on the current state of implementation and future plans, as well as the governance frameworks that undertakings are developing to address the specific characteristics of this emerging technology. The rapid pace of digital innovation is changing the way businesses operate, and the adoption of new technologies can have a significant impact on the insurance value chain. To keep pace with these fast-moving developments and make sure insurance supervisors can better take into account the sector specific opportunities and risks that come with digitalisation, EIOPA is launching a market survey on generative AI. EIOPA decided to focus specifically on generative AI rather than on AI more broadly in order to simplify the approach and given the technology’s unique characteristics. The survey aims to gather information about the extent to which insurance undertakings have implemented or are planning to implement generative AI solutions, whether and how these differ from their adoption of traditional AI systems and what governance and risk management measures they are taking to ensure a responsible use of the technology. EIOPA intends to use the aggregated responses to the survey to help stakeholders have a clear view on the evolution of generative AI across the sector in...