What AI technology is doing for industry, and why cautious optimism is the order of the day

Written by Jack Durrant - BA (Hons) FCII. 

Recently, I have had my mind repeatedly boggled by the amazing feats of modern technology which are  available to businesses worldwide. Personally, I have trialled a few new AI software platforms. Firstly, for research towards projects, but as they have become more ubiquitous, I’ve used them for personal applications too – such as AI assistants on google, or as personal assistants to book me into restaurants or hotels. I’ve even used them to help coach my writing skills, but I can assure you,  I still have a long way to go.

However, I’ve been even more interested in conversations with businesses who’re deploying new technologies into their business. Invariably ,these are aimed squarely towards managing costs, improving resource capacity, task management, and a host of creative endeavours.

While it’s self-evident that these technologies are here to serve our needs and make things easier, you may want to proceed with caution before utilising them. Often, when new technologies arise, there are also new exposures which we cannot yet mitigate, so it could introduce its own risk to people and their businesses. This can of course be partly offset with insurance products, but AI doesn’t really consider intellectual property the same way that we do. And almost by accident, because of the replicable nature that things like generative AI uses, it will scan and utilise source material and references from a range of sources we, as the user, don’t have access or oversight of. In the same vein, it may also completely fabricate things that seem entirely logical to it and the user at quick glance, and even quote legal precedents which don’t even exist in order to respond to a prompt that’s been entered. 

Who can use them?

Anyone can make use of AI software. Vision-impaired people can use them to describe images or locations, or explain what’s happening in a football game. Almost anyone can use them to coach a golf swing or help with diet and meal planning. Businesses can use the software to produce risk management information, booklets, marketing materials – or even entire content strategies.

Truly, the only limitations seem to be in how creative we can get with directing and developing these technologies. If you can think it… the chances are AI will try to deliver.

Why would we use them?

The answers are simple. Why did Turing think it was a good idea to develop his decoding machine? Why do you brush your teeth and wash our hands? Why do we send emails more often than sending letters? Convenience is central as to why we do many things, as is  the development of technology, which means the latest precedent for  technology like AI will be able to cut task time down to a fraction of the time   previously required. Think about doctors writing up their patient notes for example; these busy people challenged by bad handwriting, spelling errors, or distractions… what if the AI could summarise the live conversation between a doctor and their patient, write the prescription on behalf of the doctor, and log the notes in the file? Guess what… it already can.

Could I use AI for my own work?

The short answer is yes. But be careful and keep an eye on  the outcome and output.

Here are some examples of how you may use it:

• Producing marketing videos and content
• Help with checking articles and copy for websites
• Helping to write code or macros
• Creating imagery and logos
• Writing content plans and helping social media campaigns
• Coding website designs
• Wording emails and letters of complaint

What other considerations are there?

It’s important that you don’t let AI just completely take over tasks straight away. The software needs to learn and understand its function. You need to be specific about what you want and become excellent at delivering prompts and commands, so the AI understands the exact outcome needed.

Make sure you check any business-critical stuff, to avoid things like intellectual property, regulatory, or legal issues. Keep a close eye on it for example, if you want it to help write a health and safety plan, or an employee contract or handbook. Often these documents have very specific requirements which almost always need human oversight.

Consider your insurance coverage, and consider GDPR and data protection. Although these tools can help to amplify your business and its output, this does not happen without risk. Of course, where risk is concerned you need to have a measured and knowledgeable approach to understand what you’re willing to use it for. Educate your employees on its use, and the do’s and don’t's of AI. It's likely some will be using AI in their job without any authority or control, and this is almost always a bad idea.

What great AI resources are out there?

• Claude & Chat GPT – Large Language Models
• Play Play – Video Content Creation
• Thinkd.in – Content & Social Media planning 
• Copilot – Support for Microsoft functionality and language modelling
• ClickUp – Project Management
• IBM Watson – Analytics and Decision Making

If you’re considering integrating AI into your workflow and business, speak to a member of our team who possesses the specialist insight and skills  help you understand the risks and how it could affect your insurance via the buttons below.