AI brings innovation but also raises ethical concerns, pension executives say | Asset owners

As artificial intelligence (AI) rapidly transforms industries from finance to healthcare, investment professionals must grapple with the technology's immense potential for efficiency gains as well as its profound ethical challenges.

From real estate to healthcare, AI is driving unprecedented innovation and efficiency gains, according to State Super CEO John Livanas.

Peter Strykwarda, Global Head of Digitalization and Innovation, says this emerging technology certainly has the potential to revolutionize a variety of industries and sectors, offering significant benefits and opportunities, but the rapid pace of AI Advances at APG Asset Management also bring ethical challenges and social implications that cannot be overlooked.

the next industrial revolution

John Libanas, State Super

Libanas, who heads Australia's A$38 billion ($25 billion) pension fund, told Asian Investor that “the productivity gains from AI could be significant and represent a new industrial revolution.” .

Livanas believes that in this revolution, the real winners will not be those who simply use AI, but those who provide it with the tools.

“If you look at who's good at AI, companies like Microsoft and Google stand out. They're becoming the biggest AI champions,” he said.

Also read: AI will never make investment decisions: National Super CEOs

“Companies that provide tools for AI will be as profitable as companies that use AI directly. This situation is similar to companies that sold shovels during the gold rush.”

He said the transformative power of AI is evident in everything from automotive to medicine.

“Think about Tesla, a California technology company that happens to make cars and is essentially integrating AI into cars. It shows how far we can move the industry forward compared to ,” he said.

Companies that can provide technological solutions to traditional sectors may overtake incumbent service providers.

“An example is Google's acquisition of DeepMind and the development of AlphaFold,” Libanas said.

“AlphaFold’s ability to predict protein folding can revolutionize medicine by understanding how biological systems work at the molecular level. “It could lead to significant advances in medicine without the human resources,” he said.

speed is important

“The impact of AI will be significant. Investment in AI is increasing exponentially, driven in part by advances like GPT. There is some hype cycle, but the actual The impact should not be underestimated,” APG's Strikwerda told AsianInvestor.

Peter Strikwerda, APG

According to Strikwerda, there is tremendous potential for AI to increase efficiency and reduce costs, especially in data-intensive sectors such as real estate and healthcare.

“AI can process vast amounts of unstructured data that humans cannot process,” he explains. “In healthcare, AI will soon enable devices that provide insights that currently require extensive research and are expensive, significantly reducing these costs.”

Also read: APG: How to balance man-machine with AI

“It’s also changing the way we approach real estate, from designing buildings to assessing climate risk to predicting mall foot traffic.”

For Strikwerda, who leads innovation at the $606 billion Dutch pension investment firm, the speed of AI adoption is a key factor.

“The real issue is not the potential of these advances, but rather the speed of implementation,” Strikwerda told AsianInvestor.

“Just because a technology is available doesn’t mean it can be deployed immediately. It takes time for people within a company to adapt to these new tools, and this is influenced by the organization’s culture and mindset. It often happens.”

ethical minefield

Livanas and Strikwerda emphasized the importance of ethical considerations in AI implementation.

“There are certainly worrying aspects, especially when it comes to ethical issues such as deepfakes and misinformation on social media,” Strikwerda said. “It is becoming increasingly difficult to distinguish between the real and the fake, which is a worrying situation at a societal level.”

He said the rapid pace of AI development poses significant challenges.

“The pace of technological advancement often exceeds the ability of humans to adapt, creating gaps in ethical oversight,” he warns. “For example, during an election period, misinformation can have a significant impact on the outcome.”

Strikwerda believes new AI solutions may be needed to address these issues. “We may need new AI solutions to help us distinguish between truth and falsehood,” he says.

But he is hopeful that human judgment will continue to play an important role.

“Personally, I prefer the concept of augmented intelligence to artificial intelligence,” Strikwerda said. “This emphasizes the balance in which both human and machine capabilities come together for optimal results, and that is where I believe the greatest benefits lie.”

State Super's Libanas believes that the future of investing is being reshaped before our eyes, and that the choices we make now will have a profound impact on generations to come.

“It's still in its early stages, and it's difficult to predict the outcome and understand the impact on society,” Libanas said.

“In my role, I am focused on achieving the highest economic returns, but it is also important to consider the broader impact. Inequalities may widen, which is also a concern for global equity.”

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