Artificial intelligence (AI)
Two thirds of insurers optimistic over UK economy
Two thirds (67%) of insurers are optimistic about the state of the UK economy over the next five years, a survey by Lloyds Bank has revealed.
Weightman’s AI tool; Markel’s insurtech product; NFL player promoted
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Aon using AI to identify insurer breaking points
Aon UK CEO Jane Kielty has revealed the broker is using artificial intelligence to identify points in the negotiation process where it may be able to extract more favourable terms from insurers.
Hiscox CUO on how underwriters must evolve in the age of AI
View from the Top: Hiscox UK’s chief underwriting officer Peter Treloar explores the skills underwriters will need to develop as AI adoption grows
FCA to help insurers with AI experimentation
The Financial Conduct Authority has launched a "Supercharged Sandbox" to help insurers experiment safely with artificial intelligence.
Allianz Broker sets sights on non-standard growth
Allianz Broker’s managing director Nicola George is aiming to grow the company’s non-standard motor book, in a bid to insure “more of people’s driveways”.
C-Quence boss: ‘Change narrative’ for better customer outcomes
The insurance industry needs to “adapt, innovate and overcome” to get close to achieving the service standards and operational efficiencies that should be afforded by recent technological advancements.
Ransomware ban could lead to higher claim costs
The government’s proposed ban on ransomware payments is “well intentioned” but lacks “nuance”, according to Tom Egglestone, head of international claims at Resilience.
Aventum seeks consumer scale in specialty through AI tools
Aventum Group aims to grow the volume of specialty business to the scale of consumer lines through the use of artificial intelligence (AI) tools, according to chief technology officer Hasani Jess.
Axa's breakdown cover; Aviva x Acturis Unify; One Sure acquires broker
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Markerstudy to ditch self-build genAI tool for partner product
Markerstudy is set to replace its self-build call summarisation generative artificial intelligence tool with an off-the-shelf product from one if its partners in the next six months.
Claims managers warned against trying to ‘solve the world’ using AI
Insurers and brokers are looking for the “golden nuggets” – but progressing with caution by keeping “the human in the loop” when it comes to integrating artificial intelligence (AI) into their property claims functions.
Ki slashes model development from years to weeks with genAI
Ki’s technology managing director Alan Tua has revealed how switching from traditional machine learning models to generative artificial intelligence models for algorithmic underwriting has resulted in “double digit” accuracy improvements.
Questions raised by insurers’ lopsided AI investments
Editor’s View: Artificial intelligence is reshaping the way insurers operate, but Emma Ann Hughes wonders if a lopsided focus on investing in point of sale at the expense of the claims experience could raise eyebrows at the regulator and erode…
Why insurers should engage in AI self-governance now
Insurers can turn regulatory uncertainty into a trust-building edge if they engage in artificial intelligence self-governance now, argues Darcy Rittinger, chief risk officer of Cover Genius.
Markel’s Lowther on the risks of AI adoption for SMEs
As artificial intelligence adoption among SMEs accelerates in pursuit of greater efficiency, growth and competitive edge, Mark Lowther, head of technology for Markel in the UK, says businesses must also confront the growing legal, ethical and…
Auto Windscreens calls for more regulation in vehicle repairs
James MacBeth, managing director of Auto Windscreens, has called for more regulation of motor vehicle repairs and for ADAS technology to be part of a vehicle’s MOT.
Aviva harnessing GenAI for underwriter augmentation
Aviva is predominantly using generative artificial intelligence to augment underwriting, according to director of innovation Jason Chambers.
Challenge of reframing flood risk laid bare
Unpredictable weather and the government’s building targets are forcing underwriters to rethink how they assess property flood risk, according to a panel of experts at Insurance Post’s Underwriting Club this week.
Q&A: Jean-Philippe Doumeng, Napo
Jean-Philippe Doumeng, CEO and co-founder of Napo, discusses the challenges the firm has faced as a direct-to-consumer insurtech and its mission to provide premium pet insurance despite operating in a price-competitive market.
Axa reveals genAI enabled Lloyds Bank partnership
Paul Hollands, chief artificial intelligence and data officer at Axa UK, has revealed how the efficiencies brought about by generative AI enabled the insurer to partner with Lloyds Banking Group for its motor portfolio without hiring for new roles.
Why insurers’ AI pilots should be assessed for regulatory proportionality
Charlotte Halford, partner at DAC Beachcroft, explains why insurers should view generative artificial intelligence as a regulated activity that increasingly intersects with data protection, consumer protection, and operational risk frameworks.
Zywave CTO warns AI’s power depends on training data
Generative AI is only as effective as the data it is trained on, observes Doug Marquis, chief technology officer, Zywave, making foundational data quality and specificity essential for insurance carriers.
Charles Taylor on challenges in implementing generative AI
Manuel Parma, insurance modernisation chief technology officer at Charles Taylor, considers how adjustments and guidelines will be essential as generative artificial intelligence use cases in insurance develop.