ORLANDO, Fla. — Artificial intelligence is transforming business strategies and ensuring data security, but it’s also amplifying risks, experts said.
As the use of AI increases across the captive sector, human judgment remains essential, they said in a session at the World Captive Forum hosted by Business Insurance last week.
Queena Chan, chief strategy and digital officer at New York-based Marsh Captive Solutions, said 88% of organizations around the world are using generative AI.
Marsh’s generative AI tool, LenAI, allows employees to safely handle sensitive data, she said.
At the enterprise level, the tool protects sensitive information and prevents employees from relying on insecure personal AI tools, she said.
She cited a story in which a chief financial officer uploaded company financial information to a personal external AI tool to meet a deadline, posing a significant cybersecurity risk.
“Having an internal AI strategy is very important,” she said.
Invest Barbados CEO Keian Greenidge said the effective use of AI can improve efficiency and reduce costs by automating tasks and speeding up processes.
AI identifies global patterns that help organizations understand their data, what their competitors are doing and which sectors to prioritize in investment decisions, Greenidge said.
She said AI, when used with strong controls, can help ensure the integrity of information and verify its accuracy.
“From a government perspective, we are digitizing government, and with that comes AI and the necessary regulations to ensure it is used responsibly,” she said.
Chris Carr, CEO of Philadelphia-based AI consulting firm Dynamix, said AI adoption is accelerating much faster than previous technology shifts, and the next three to five years will be critical in determining how companies deploy the tools.
He said organizations need to go beyond pilot projects and invest in AI literacy and governance among their employees. He said simply deploying tools without training or guardrails can create operational and data risks.
“Workers will not be replaced by AI, but employees who know about AI will be replaced by those who don’t,” Kerr said.
But while automation can dramatically increase productivity, humans must remain responsible for validating AI-generated projects to avoid errors and “hallucinations,” he said.
Jonathan Meer, a New York-based partner at Wilson Elser, said AI is widely used in law firms to help process large amounts of data, summarize complaints and draft arguments.
“‘Trust but verify’ is a great tenet that everyone should use,” said Meer, who moderated the session.
Human oversight is essential to ensure accuracy and compliance, he said.
Marsh launched ReadyCell, an AI-powered captive solution, in 2024, according to Chan.
“We started by allowing people to use AI in a very comfortable environment, and making sure that they can get the most out of it in a way that they know is safe,” she said.
ReadyCell’s first project is an AI-powered “Know your customer” system that will shorten the cell creation process from weeks to days, although decisions will still be made by humans, she said.
Additionally, ReadyCell improves productivity by preparing documents quickly and streamlining information, she said.
Invest Barbados’ Mr Greenidge said AI would make it easier to do business as a jurisdiction.
“Whether it’s in captives or other sectors, that’s what investors want,” she said.
Organizations need to provide clear guidance on AI and educate employees on acceptable uses, experts agreed.
Marsh has built an AI “upskilling” program that starts with “baby steps” to reduce fear and unfamiliarity with technology, Chan said.
By providing clear instructions and fun tasks, employees gradually learned to use LenAI to redesign their workflows, she said.
When employees see AI as a collaborator, processes can improve and teams can work together, she said.
Greenidge said it’s important to teach people how to use AI correctly and help them understand how to use AI.
“It’s like social media. We understand that not everything you see is necessarily true,” she said.
Gavin Suter contributed to this report.
