CPA Bulletin

36 CPA Bulletin > November 2024 www.cpa.uk.net 3. Regulatory Changes: Various regulations apply to the use of AI in construction, so it’s critical to ensure AI applications abide by these rules. In Europe, strict GDPR rules require construction companies to obtain permits and approvals to operate drones on construction sites. This can be expensive and difficult to comply with, especially for businesses that are not familiar with these technologies. Moreover, as emerging technologies, AI and drones are likely to face new regulations in the future. Embracing Innovation: Impact With the integration of AI, drones, and other emerging technologies, the future of the construction industry is poised for significant growth, full of new possibilities. As these technologies continue to evolve and improve, they offer ever more advanced solutions for risk assessment and loss prevention. AI algorithms, for example, will become more sophisticated, making it possible to analyse larger datasets for more accurate predictions. Drones will become more advanced, where real-time data transmission of higher-quality images is possible. Builders and contractors should consider embracing these innovations to streamline processes, reduce costs, and enhance customer satisfaction. It is likely that dispute resolution procedures, such as litigation, arbitration and adjudication will need to adapt accommodate the growing usage of emerging technologies. Transforming Challenges into Opportunity For business owners to effectively manage risk and to navigate these complex challenges collaboration with their insurance broker is essential. Appropriate coverage safeguards against unforeseen events, accidents, and property damage. With our wide range of tailored insurance solutions, our team is here to turn challenges into opportunities, helping you achieve both short- and long-term goals. If you would like to discuss further, please do get in touch by emailing amelia @ townsendmccormack.co.uk GUEST ARTICLES: 4