Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Notes from the AI frontier: Tackling Europe’s gap in digital and AI

Article Synopsis :

Europe is trailing behind the global leaders in the development of artificial intelligence (AI) technologies. And unless these companies get with the programme, the gap could become wider, says this McKinsey Global Institute paper.

 The Digital Insurer reviews McKinsey’s Report on NOTES from the AI frontier: Tackling Europe’s gap in digital and AI

Europe must address digital gap 

Digitisation is for AI to become more widely adopted. However, Europe’s digital gap has not been closed in recent years and only two European companies feature in the worldwide digital top 30. It’s understandable when you consider that only 10% of the world’s digital unicorns are based in Europe.

True, Europe has a quarter of AI startups, but China and the US are beating it hands down when it comes to early-stage investment. If you discount smart robotics, Europe lags the United States in its spread of AI, with fewer than half of European businesses adopting a single piece of AI technology. This could be worth some €2.7 trillion – or 19% – to output by 2030 if only leveraged its position.

The opportunity is there, but in a narrow range of sectors. With the exception of Scandinavia and the UK, Europe is behind the US in AI terms, simply because it isn’t ready for it. Closing the “current readiness gap” just with the US could add another 0.5% (€900 billion) to Europe’s GDP growth by 2030, says the McKinsey paper.

Delay could put Europe further behind other regions, though it comes with some risks.

It will disrupt parts of the labour market and it could be misused. As AI is adopted, so unemployment and income wage inequality may increase as the shift in skills occurs. Though careful management could result in enough new opportunities to replace the jobs lost by AI’s implementation.

In order to achieve this, there are five things Europe must prioritise:

  • the continued development of a Europe-wide, vibrant ecosystem of deep tech and AI startups;
  • the acceleration of digital transformation and AI innovation among incumbent firms;
  • progress on the digital single market;
  • fundamental development of research, education, and practical skills; and
  • bold thinking about how to guide societies through the potential disruption.

Link to Full Article:: click here

Digital Insurer's Comments

 Certain developing nations are exploiting their lack of legacy to put developed markets’ in the shade.

This poses a very real threat not only to those businesses who do not get with the programme, but to the economy as a whole.

In these days of low returns, opportunities for GDP growth are too few to be leaving anything on the table.

Link to Source:: click here


Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in