The recent executive order signed by President Joe Biden on October 31, 2023, aimed at regulating artificial intelligence (AI), is a clear example of how the government seeks to address the challenges and risks associated with this rapidly growing technology.
This order, an ambitious initiative of the U.S. government, aims to stimulate innovation and address concerns about how AI could exacerbate biases, displace workers, and undermine national security. This move reflects the importance of establishing clear regulations and ethical guidelines in such a dynamic field as artificial intelligence.
The executive order addresses various crucial issues, from imposing new security obligations on AI developers to urging federal agencies to mitigate risks and assess their own handling of these technologies. Additionally, it makes use of the Defense Production Act, requiring companies to share results of security tests, a measure intended to strengthen transparency and security in AI development.
In the field of artificial intelligence
The collection and processing of large amounts of data are fundamental. However, President Biden also recognized the importance of balancing the power of artificial intelligence for good with the need to protect people from associated risks. The executive order aims to mitigate potential negative impacts, including misinformation generated by AI, which can have real and harmful consequences.
Artificial intelligence is a field of science in which computers are trained by humans to solve problems in the same way humans do. Concerns about developments in the field were outlined in a March 2023 open letter from the Future of Life Institute, featuring high-profile signatories such as tech mogul Elon Musk, Apple Co-Founder Steve Wozniak, and former 2020 presidential candidate Andrew Yang, among others.
In the insurance sector
Artificial intelligence also plays a significant role, from data collection for decision-making in user-based insurance to process automation. However, it is essential to address potential biases that may arise in the application of AI algorithms in this industry, as highlighted by Forbes contributor Bernard Marr.
This is not the first time that President Biden and his administration have demonstrated a continued commitment to responsible advancement of artificial intelligence. In July 2023, they successfully announced the voluntary commitments of seven leading companies in the field to develop this technology ethically and responsibly. This initiative was further strengthened in September 2023 when another eight companies voluntarily joined the commitment to advance in the secure development of artificial intelligence. These steps underscore the proactive approach and collaboration of the government with major companies to shape a future of artificial intelligence that prioritizes responsibility and security.
At Rondon Brokerage, we understand the importance of staying informed about these developments to provide our clients with high-quality and trend-adapted service in the insurance world. The signing of the executive order by President Biden serves as a reminder of the need to be informed and committed to responsible practices in the use of emerging technologies.
As a local and independent insurance brokerage agency, we are committed to providing exceptional service. Our dedication goes beyond ensuring your peace of mind; we also strive to keep you informed about the latest trends and advances in the insurance landscape.
Stay connected with Rondon Brokerage to receive continuous updates on sector news and ensure that your protection is always at the forefront. If you ever need to clarify doubts about your coverage or require assistance, feel free to contact us. Additionally, if you want to share your opinions on this hotly debated topic, we invite you to write to us at our email address: [info@rondonbrokerage.com]. We are here to provide the support and information you need.
