Artificial intelligence will represent 25% of global GDP in "a couple of decades, according to Minsait (Indra)

MADRID, 12 Nov.

Artificial intelligence will represent 25% of global GDP in "a couple of decades, according to Minsait (Indra)


Artificial intelligence (AI) is already present in the country's main economic sectors and the advances in recent years have caused several analysts and research from Minsait - an Indra company - to point out that in "a couple of decades" This technology has the potential to represent 25% of the world's GDP.

In this context, insurance entities are an example of the advantages of defining a strategy for the arrival of AI at all levels of business, the company has highlighted.

"Today, seven out of ten insurance entities already have implemented artificial intelligence projects, the majority using 'deep learning' platforms (six out of ten entities)," as highlighted by Minsait and ICEA (Cooperative Research between Insurance Entities and Pension Funds) in a jointly organized meeting in which the challenges and opportunities of AI in the insurance sector were addressed.

"In two years, the applications that artificial intelligence now offers will have evolved exponentially. Right now, the models we use in the insurance sector and other economic areas of interest are generalist, but in the very near future they will advance and will be increasingly more specific, trained for each business proposal and addressing a multimodal strategy", highlighted the head of Innovation and AI at Plaiground - Minsait's unit specialized in artificial intelligence -, Carlos Gutiérrez.

In this sense, the Indra subsidiary already develops technological solutions and "differentiating ideas" for each of the sectors, including insurance entities.

In fact, Minsait recently launched a comprehensive AI governance framework for both private and public organizations to accelerate their adoption of artificial intelligence as part of their strategy in the face of a "competitive context dominated by knowledge."

This methodology, already tested in real companies by Minsait, allows companies to know the real return on the business, speeds up the integration of AI in their processes and offers legal guarantees in anticipation of the requirements posed by European regulations, the company assures.

"AI is experiencing a change of state from the development of single models to the design of multiple models using composite techniques. Therefore, this technology is changing the way companies make decisions, communicate, and do business," he said. emphasized by the Technology Coordinator in the General Directorate of Insurance and Pension Funds, Francisco Javier Baena.

In this way, insurers can offer innovative solutions that optimize decision-making and improve efficiency in all aspects of the sector, from the automation of administrative tasks, claims registration, risk assessment and policy personalization, added Minsait. .

"Through real-time data analysis, machine learning and advanced algorithms, insurance companies can anticipate and mitigate risks, detect fraud and expedite claims compensation. AI not only improves the customer experience, but also contributes to the financial sustainability of insurers by reducing operating costs and minimizing losses," he added.

In this context, one of the main challenges is linked to regulation, which will impact the models and information managed, reflected the head of Advanced Analytics at Santalucía during the event.

"At the same time, we see the need to promote a cultural change and technological adoption through change management, with the aim of being able to take advantage of the opportunities that artificial intelligence offers us in different lines such as customer experience or personalization," he added.

Meanwhile, the director of Advanced Analysis at SegurCaixa Adeslas, Clara Granados, director reviewed the opportunities that AI offers to the business and those that "will appear" in the short term.

"In the near future, it will allow us to modify management and customer service, personalizing it and providing more precise responses. This will also happen with claims management, which today is already faster and more precise thanks to AI tools, providing higher quality assistance responses," he said.

In addition, VidaCaixa's Data Analysis director, Jordi Vidal, shared with attendees at the 8th Congress of Artificial Intelligence and Big Data in the insurance sector his vision of AI in the coming years.

"Until now, we have focused on artificial intelligence applied to customers, focusing the use of its advantages on improving their experience. In the coming years it is important that we see a discourse and evolution of tools and solutions also focused on employees in the sector, core in the sustainability of the business", he stated.