‘Human touch still essential in finance’

Despite artificial intelligence’s potential to disrupt the global financial industry, Caribbean insurance and financial advisors were reminded that their greatest strength lies in their resilience and their humanity.

Outgoing president of the Caribbean Association of Insurance and Financial Advisors (CARAIFA), Hugh Meredith, on Monday praised the industry’s ability to adapt and endure through global financial shocks, as he addressed the opening of CARAIFA’s 36th Congress, held at the Wyndham Resort.

“When you look around at the challenges we have overcome, the resilience we have shown, and the way we continue to push forward in our industry across the region, there’s no way to describe us [other] than unbreakable. We have weathered economic storms. navigated policy shifts…[but] we’re still here though. Every season, disruption, evolution that our industry would have faced, we’re still turning up.

“For that, I must say to you, stand and recognise that you are alive and well,” he insisted.

However, Meredith warned the delegates who came from across the region that the next challenge would be digital and so that resilience must now evolve.

As artificial intelligence, automation, and digital demand become more commonplace, Meredith emphasised that these technologies should not, and cannot, replace the value of human empathy and ethical judgement within the industry.

“We must acknowledge that we are now professionals operating in the age of AI, automation, of course, and accelerated digital demand. But does that mean we have lost the human touch?” Meredith asked.

“Absolutely not, that is why we are here,” he insisted. “Because no matter what happens in this world, one thing I can guarantee you, no AI will replace the [pulse] that beats in this body. In this balance between innovation and integrity, CARAIFA must lead the charge in keeping our industry both innovative and deeply human. Let us champion not just efficiency, but empathy.” (SB)