The RCCAQ was recently asked by two universities (Laval University/UL in Quebec City and the University of Montreal/UdeM) to take part in various research projects aimed at implementing high-performance artificial intelligence (AI) tools for the benefit of insurance brokers. The RCCAQ will also be joining several focus groups tasked with formulating ethical guidelines for regulating the development and use of AI by brokerage firms.

What is AI?

Even though the concept of artificial intelligence nowadays is closely interwoven with innovation and technology issues, it is important to bear various core principles in mind. To make a long story short, AI encompasses computer-based techniques that allow machines to carry out tasks that would normally require human intelligence; it also includes functions such as reasoning, image/speech recognition and learning. The ultimate goal is to enable computers or smartphones, for example, to think and act like human beings.

RCCAQ's involvement in research projects

Numerous university research projects are focusing on AI and the RCCAQ's ongoing experience, particularly its collaboration with the insurtech firm ProNavigator in the P&C insurance sector.

The IT and Business Research Centre (CeRTAI) within Laval University's Faculty of Administrative Sciences also asked the RCCAQ to take part in a project involving the use of chatbots in the insurance sector. This initiative seeks to shed light on the key factors that influence an organization's choice of "virtual intelligent assistants" (chatbots) in insurance firms across Quebec. This research will give rise to journal articles, as well as practical reports that will be used to better support firms' learning and training processes.

Even though AI-based technologies show great promise, their implementation and use raise certain ethical and social issues that must be given due consideration.

For that reason, the University of Montreal has created a deliberative forum made up of researchers, experts, public-sector decision makers, members of the public, Quebec's professional orders and the RCCAQ. The participants will hold discussions with a view to implementing a "responsible" AI development framework for the finance and insurance industries. Responsible implementation of AI will make it possible to:

• Understand and prevent improper use of AI.
• Establish an ethical and regulatory framework for AI implementation aimed at limiting the negative consequences for human beings.
• Guiding the digital transition so that it benefits all stakeholders.

The University of Montreal's initiative seeks to establish a regulatory framework that will enhance human well-being while expanding oversight over individuals' lives and the environment.

Essentially, the RCCAQ is investing time in these digital transition projects and technological advances in order to offer the very best solutions to its members and the entire brokerage industry. These technologies will allow brokers to save time while boosting their efficiency and operational performance. At the same time, people's privacy and freedom will be respected. These new tools will also significantly help to improve the client experience.

Thanks to these projects, the RCCAQ is demonstrating the importance it places on research and deliberation, which form the twin pillars of innovation. It is also a good way to promote the profession and to demonstrate the importance of adopting a proactive approach to devising innovative solutions for brokers.

We will keep you informed about the ongoing status of these projects, including any new developments. Please stay tuned!