According to insurance industry executives, AI is the biggest challenge that digital health and wellness firms need to overcome.
This was revealed in Beazley;’s Digital Health & Wellness 2024 report which started that 86% of digital health and wellness firms are planning to use or increase their use of AI to diagnose or treat patients.
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However, 80% of respondent worried about trustworthiness, 78% worries about bias, and 79% had concerns regarding theft of intellectual property.
In addition, concern is growing. 38% of executives globally worry that clients will complain that treatment or advice was not as advertised or that competency was unfairly represented – up from 24% in 2022. In 2024, 35% worry about cyber threats including ransomware and phishing, up from 27% in 2022.
Evan Smith, Product Leader, Global Healthcare, Specialty Risks, Beazley said: “Business leaders are right to be considering the varying challenges facing their firms. For instance, it’s clear deep learning algorithms in AI offer great benefits but also pose substantial risks. Because AI seems like a “black box” it can be hard to understand how it arrives at its conclusions, making it difficult to identify and correct bias, and to fully trust in AI’s recommendations. With our research finding that many businesses don’t have essential tailored insurance, it’s important insureds are considering the options available to them and ensuring the right cover is in place.”
Keri Marmorek, Claims Team Leader – Healthcare, Beazley, added: “Transformative technologies, such as AI, bring both risks and rewards. With 87% of US digital health and wellness companies planning to use or increase their use of AI to diagnose or treat patients, we can expect to see an increase in claims. It’s therefore essential that businesses partner with specialist insurers who have a deep bench of cyber and healthcare experts and a comprehensive, forward looking view of the risks.”
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