Lloyd’s COO warns against Gen-AI complacency

Companies that use generative artificial intelligence (Gen-AI) must realise how quickly the technology is developing - and make sure that they are not left behind.

Speaking at Intelligent Insurer’s Gen-AI in Insurance event in London, Bob James, chief operating officer at Lloyd’s, said that it is important for companies to manage expectations by flattening the ‘Cycle of hype’.

He pointed out that AI technology is moving quickly & advancing faster than many might have predicted just a few years ago.

In addition companies must be situational about issues, he urged, saying that firms should ask themselves where should GenAI be used - and where should it not be used? What’s acceptable & practical?

He urged attendees to start small, with a series of small efforts that prove the concept, which can be better than a large & costly project.

James also stressed that as time goes on, skill sets will change for CIOs & COOs and recommended that firms who are looking at GenAI need to start by finding a partner willing to help. It’s important to understand the problem you’re trying to solve, he said.

James also warned that there will be clear winners & losers in the use of GenAI and told delegates that they can’t afford to be a laggard. Technology is changing so quickly that you might not be able to catch up if you fall behind, he stressed.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.