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12 Gibraltar International www.gibraltarinternational.comTechnologyArtificial Intelligence (AI) is a transformational forceGibraltar is a major hub for a number of business sectors, including insurance, fintech, gaming, and e-money - industries well-suited to AI adoption due to their scale and data richness. AI offers significant growth and efficiency, as well as assisting with challenges of local recruitment. Understanding AI%u2019s potential and pitfalls is essential for businesses striving to remain competitive in today%u2019s rapidly evolving, digital-first world. What is AI?AI refers to technologies that enable machines to perform tasks traditionally requiring human intelligence, including recognising patterns, analysing data, and making decisions. Earlier tools, like Excel and SQL databases, allowed businesses to manage structured data but required significant manual input. Later innovations, such as Power BI and Salesforce, incorporated machine learning features to improve functionality, but remained limited in adaptability. Modern AI systems, driven by advanced machine learning and neural networks, process large volumes of real-time data, uncover hidden patterns, and make parallel decisions. Generative AI tools, such as ChatGPT and Gemini, mark a new era, offering capabilities such as natural language processing, rapid prototyping, and content generation.For Gibraltar businesses, these advances offer new solutions to longstanding challenges, boosting efficiency and growth. A 2023 industry survey found that 62% of CFOs and 58% of CEOs believe AI will be the most influential factor in shaping their industries over the next three years.Gibraltar%u2019s economic landscapeInsurance %u2013 Gibraltar%u2019s well-established insurance industry benefits from a robust regulatory regime and passporting rights into By Eilish Bouse, Director, Risk Advisory, Insurance Risk & Actuarial, Grant Thornton GibraltarContinued p14