In the fast-paced world of artificial intelligence, Matt Wood, global vice president of AI products at Amazon Web Services, has observed that companies traditionally slow to change are leading the charge in AI adoption. Surprisingly, regulated industries such as healthcare, financial services, insurance, and manufacturing are embracing AI at an accelerated pace. Wood’s recent visit to Toronto for the Collision technology conference highlighted this trend, especially in the case of 160-year-old life insurance companies like Sun Life Financial Inc.
Life insurance providers are leveraging AI to analyze legacy policies and predict future risks, while doctors are utilizing the technology for accurate transcription and appointment summaries. Wood attributes the rapid adoption of AI in regulated sectors to their extensive databases and strict data protection policies. These companies are well-equipped to navigate privacy concerns and extract actionable insights from their data with the help of AI.
Regulated industries, already familiar with handling sensitive information responsibly, see AI as a strategic tool for digital transformation rather than a privacy risk. Companies like AWS prioritize data security and offer customers full control over their data usage. By staying ahead of the technological curve, regulated companies aim not just to catch up but to leapfrog into the future with AI.
As industries worldwide grapple with the potential of artificial intelligence, regulated sectors are setting an example by embracing innovation and reaping the benefits of AI. Wood’s insights shed light on the unexpected leaders of the AI revolution, challenging long-held assumptions about technology adoption and paving the way for a new era of digital transformation.
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https://financialpost.com/pmn/business-pmn/a-way-to-leapfrog-aws-executive-says-regulated-industries-moving-fastest-on-ai