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Arbitration trends in the Middle East: What to expect in 2024 and beyond
The last several years have seen rapid growth in the Middle East.
Global | Publication | April 2024
The insurance industry is founded on predicting, as accurately as possible, whether or not a risk will materialize in a fast-moving competitive environment. Such predictions are intensively focused on data.
AI promises new insights by analyzing more data points, simultaneously across multiple data sets, leading to automation of complex cognitive processes. However, this comes with risks. Without regulation, AI models can replicate and reinforce bias of the past, with no regard for current social constraints or indeed long-term social cohesion.
For governments to achieve the benefits of AI adoption they need to ensure that society trusts in such AI, through safeguards in design, operation and management of the models, as well as accountability for AI operators when things go wrong.
However, where regulatory approaches diverge across jurisdictions, in practice, international businesses may be forced to respond to the highest standards, regardless of the differing levels of country-specific intervention.
AI is transforming the insurance industry by enabling automation of repetitive tasks and generating insights from large data sets. Some applications by insurers include:
Given the wide range of use cases in which AI can be deployed, governments across the world have sought to articulate clear rules to guide those developing or deploying AI. This piece briefly summarizes the current regulatory state of play in the insurance sector in the EU, Germany, UK, Singapore, US, and Australia.
Publication
The last several years have seen rapid growth in the Middle East.
Publication
On May 14, 2024, Lena Haffner, Innovation Lead Germany at Norton Rose Fulbright, shared her insights on “How do you make a law firm AI ready?" at Legal Revolution 2024, one of Europe’s leading conferences in legal innovation and technology. Her lecture focused on developing a comprehensive roadmap for integrating AI into law firms, emphasizing the importance of developing a robust AI strategy and fostering an innovation-ready culture. Key topics covered in the lecture included strategic planning, skills development, multidisciplinary teamwork, and strong AI governance.
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