Generative AI, Which Industry Uses It the Most? "Finance and Insurance"

Generative artificial intelligence (AI) is expected to be most widely used in the finance and insurance sectors as well as in the science and technology service industries in the future.

The Korea Chamber of Commerce and Industry announced on the 28th that it had published the "Impact of Generative AI on the Korean Economy Report" in collaboration with Microsoft (MS) and the global IT and public policy consulting group Access Partnership.

Analyzing the extent of generative AI's impact on work activities by industry sector, the finance and insurance sector ranked highest at 10.1%.

This means that about one-tenth of the total work areas in finance and insurance are influenced by the application of generative AI. The report predicted that generative AI would also significantly impact work activities in the professional, scientific, and technical services industry (9.6%), information industry (8.1%), wholesale trade (7.1%), and healthcare and social welfare industry (6.7%), in that order.

The report particularly noted that generative AI would demonstrate greater potential in industries that handle large volumes of data or require complex tasks. Generative AI is also expected to affect the work performance methods of a considerable number of workers in Korea. The report forecasted that about 67% of all Korean workers would utilize generative AI in 5 to 20% of their work activities.

Specifically, "0 to 5% application in work activities" accounted for the largest share at 32% of all workers. This was followed by 10 to 15% application (24%), 15 to 20% application (22%), and 5 to 10% application (21%). The proportion of workers expected to apply generative AI in more than 20% of their work was only 1%, leading the report to analyze that the activation of generative AI would not be a factor in job replacement.

The report also estimated that if generative AI were applied to Korean corporate production sites at the current stage, Korea's potential economic production capacity could increase by up to $476.3 billion (620 trillion won). This amount corresponds to 29% of last year's nominal domestic gross domestic product (GDP) of 2,150.6 trillion won. The report pointed out that for the successful application of generative AI, it is necessary to identify which parts of the current technology need upgrading and which new technologies need to be developed, and to strengthen upskilling education accordingly.

In particular, the report emphasized that analytical judgment, flexibility, and emotional intelligence will be the most essential competencies in the AI-based future, and that both companies and individuals should focus on strengthening these capabilities.