A useful way to illustrate how boards use artificial intelligence is through a Star Trek analogy:
Before AI
Picture the scene: The Bridge of the USS Enterprise
(Captain Kirk sits confidently in his command chair, glancing around the bridge crew. He leans forward slightly.)
“Okay, flight deck, confirm ready for flight, please.”
Mr Spock (Science Officer) (calm and logical, analysing his console): “Captain, sensors indicate no anomalies. Space conditions are optimal. Science station is fully operational.”
Lieutenant Sulu (Helmsman): “Navigation course is plotted and locked, sir. Helm is responding perfectly, ready for manoeuvres.”
Scotty (Chief Engineer) (enthusiastic, with his Scottish brogue): “Engines are purring like a kitten, Captain. Warp drive is hot and ready. She’s at your command!”
Captain Kirk nods, rising slightly from his chair with a confident smile: “Thank you, team. Ready for take-off. Over to you, Mr Sulu. Take us out of here.”
After AI
Picture the same scene:
“Okay, Aila AI, confirm ready for flight, please.”
Aila AI (science officer, chief engineer, navigation advisor, communication officer) (calm and logical): “Captain, sensors indicate no anomalies. Space conditions are optimal. The science station is fully operational. The navigation course is plotted and locked. Helm is responding perfectly, ready for manoeuvres. Engines are operating at optimal efficiency. Warp drive systems are fully functional and primed for activation.”
Captain Kirk nods, rising slightly from his chair with a confident smile: “Thank you, Aila AI. Ready for take-off. Over to you, Mr Sulu. Take us out of here.”
Captain Kirk now has all the information he needs to help him pilot his ship—available in seconds at the click of a button. He is still the captain and still needs to make all the decisions, but he has instant access to critical information in mere seconds. He is still the thought leader; his AI serves as his thought partner.
“He is still the thought leader; his AI serves as his thought partner.”
What can AI do for boards in seconds that they used to do, read up on, write or calculate?
Boards no longer need to wait for trustee meetings or consultants to explain difficult concepts, perform calculations, write member communications, analyse risk reports, or explain the actuarial review as they are preparing for meetings. All of this can now be done by any trustee in seconds, simply by asking their AI thought partner.
Examples of questions you can ask your AI thought partner:
Financial statements
· I am a trustee and just received the financial statements. What must I check?
· Can you suggest certain ratios we need to consider and calculate them for me?
· Can you look at our financial statements and tell me if you see any concerning figures?
· Calculate the change in reserve accounts as a percentage of the total funds and reserves for two years.
· Calculate the change in the expense ratio over the last two years.
· Calculate the liquidity ratio and give me your opinion on how healthy this is as well as show me your calculations.
Rules
Extract information or write articles out of your Rules in seconds.
· Explain what reserve accounts exist and their purposes from the Rules.
· Summarise the member categories in simple language
· Explain the term of office of our board members.
Member guide
· Explain our retirement options in simple language.
· Write an article for members on the funeral benefits offered by the fund, simplifying it for a grade 10 level and presenting the benefits in a table (maximum 250 words).
Investment factsheets
· Extract investment returns in a table for use on the fund’s website.
· Explain the asset allocation of our portfolios in simple terms.
Finding information in any fund document in seconds
Checking references of anything you ask AI quickly and easily:
· Give me the page numbers where you found the original figures / information.
Will all its answers be perfect 100% of the time?
No—probably 98% of the time. However, your AI thought partner can show you its calculations as well as the exact page of your rules, member guide, investment fact sheets, or SLA where it found the information, should you wish to verify it.
Furthermore, AI is learning at an inhuman speed, so the next time you ask it to perform a series of calculations or extract information, it might be 99% accurate.
How can you use it safely?
Rule 1: Trusted platforms only
What not to do: Make use of public platforms like ChatGPT, as you risk exposing sensitive information and ending up with inaccurate, unverified data.
Do this instead: Use AI within your protected board portal or company AI platform.
Rule 2: Stick to the source
What not to do: Ask AI to generate answers to questions without the correct source material.
Do this instead: If you want AI to perform a financial analysis, select your original financial statements.
Rule 3: Check before you trust
What not to do: Blindly accept the answer generated by AI.
Do this instead: Ask AI to indicate the page of the document where the information was found, so that you can verify it.
Rule 4: Be specific
What not to do: Use prompts that are ambiguous or open to interpretation.
Do this instead: Be accurate and clear in your requests. Ask AI questions in a similar fashion to how you would a junior employee, who is a genius.
In conclusion, AI is here to stay. It’s now about leveraging it securely on the right platforms in the right way as a thought partner.
