Insurance Authority, AIA, AXA, HSBC Life, FWD, Prudential, YF Life and China Taiping Insurance (HK) pledge investment, information-sharing
Seven major insurers, including AIA, AXA and HSBC Life, on Monday signed a pledge and joined a Hong Kong Insurance Authority programme to promote the adoption of artificial intelligence in the sector to enhance the city as a regional AI hub.
FWD, Prudential, YF Life, and China Taiping Insurance (HK) also signed the pledge during a ceremony at Cyberport. Each company will establish and staff an AI centre in Hong Kong to develop innovations for use across the region.
The seven insurers are the first to join the authority’s AI Cohort Programme, which will also focus on sharing their AI experiences with their peers, said Clement Cheung Wan-ching, CEO of the Insurance Authority.
The authority planned to issue new regulatory guidance next year for all insurers on how to properly adopt AI in their businesses, Cheung said after the ceremony. It would also set up an AI expert group, including regulators, industry representatives and technology players, to guide the industry on using the technology to enhance productivity and service without infringing on customer privacy, he said.
