Generative AI to affect 10.1 percent of finance, insurance tasks

Finance and insurance industries will be affected most by the advent of generative AI, according to a report published by the Korea Chamber of Commerce and Industry Monday.

Generative AI will affect Korea's job market [SHUTTERSTOCK]

Finance and insurance industries will be affected most by the advent of generative AI, according to a report published by the Korea Chamber of Commerce and Industry Monday.

The report jointly published by Microsoft and Access Partnership said 10.1 percent of tasks in finance and insurance in Korea will be affected by generative AI.

"Any industry that handles a large amount of data or has to handle complicated task is where generative AI will have the most potential," the report said.

Science and technology industries, including professions like software engineers, came in second place with 9.6 percent of tasks to be affected by generative AI.

Information, wholesale and healthcare industries were next on the list, each with 8.1 percent, 7.1 percent and 6.7 percent of tasks being affected by generative AI.

Two-thirds of the working population in Korea are projected to use generative AI in five to 20 percent of tasks in the future, the report said. It added that since only one percent will use AI in more than 20 percent of tasks, the advent of generative AI doesn't seem a threat to human jobs.

If Korean companies' manufacturing sites deploy generative AIs at this moment, the report said the country's productive capacity will increase by up to $476.3 billion which translates to 20 percent of Korea's nominal GDP last year.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]