Avinash Shroff, Managing Director at Transamerica, India, stresses on the need to shape a world where AI and ethics coexists.
The constant influx of new technologies promising to revolutionize the business landscape can sometimes leave us feeling overwhelmed.
But how can one discern the meaningful signals amidst the technology hype, especially concerning their impact on businesses?
Avinash Shroff, Managing Director at Transamerica, India spoke with ET Edge Insights on key technology trends, specifically focusing on the pervasive influence of artificial intelligence (AI) in the business world.
“We are currently in a remarkable phase of human evolution, with technology’s pervasive adoption and the proliferation of tech in our daily lives. The critical mass has embraced technology, and those who were once hesitant are now fully onboard. For instance, we now rely on tools like Google Maps, which have become a gold standard for taxi drivers and travelers alike. The integration of technology, AI, and automation is set to become even more prominent in the business landscape,” Avinash says.
He cites an example around stock tips and recommendations. Bots can process vast amounts of data and offer personalized recommendations based on a person’s risk profile and investment goals. Similarly, bots can determine the best aircraft seat based on individual preferences or even suggest the most suitable airport to fly into based on a traveler’s destination.
“Bots can efficiently perform these tasks, often more effectively than human intelligence, given the limited time and resources available,” Avinash says.
While the benefits of AI are evident, there are also concerns, particularly regarding job displacement.
Avinash states that the debate over whether AI will displace jobs is akin to a big thought bubble—whether AI will be a boon or a bane. He states that human beings are inherently programmed to evolve, learn, and adapt. When we provide instructions or data to AI, it challenges our own intelligence.
“Just as we first invented the wheel and then the automobile, we are now inventing AI, and in the future, we’ll develop super AI and even AI that surpasses human intelligence. It’s an exciting prospect that will raise the bar for what humans can achieve in their business environments,” Avinash says.
Businesses are changing rapidly, and disruptions occur unexpectedly. As a technology leader, what priorities would he set for the next 12 months?
Avinash says that over the next year, he will focus on investing more in processes that exhibit basic levels of intelligence and automating extensively.
“My focus will be diverted towards emphasizing ethics and compliance, embedding them into AI training models and systems. This is a significant challenge in the human context, as we can’t predict human behavior or what a bot will do next. The question is not only about what a bot should or should not do but also how it should conduct itself. For instance, a bot can reserve a seat for elders or kids, but the real challenge is to create a place for a wounded person. Therefore, creating values and models within artificial systems will be a major area of focus,” Avinash says.
He adds that it’s fascinating to compare human behavior and AI bot actions because they’re quite different.
“Human beings are products of their sensory inputs—what we see, hear, sense, read, touch, or taste becomes data points that influence our judgments and reactions. Bots will follow a similar pattern. It’s intriguing to explore how we can transfer some of our values and ethical frameworks to bots and artificial intelligence. This remains a challenging aspect in the ongoing process of evolution,” Avinash says.
