The event AI Applied Forum, organized by Lloyd’s on April 24, 2019 was an incredible opportunity for participants to speak with AI experts about the risks and opportunities that AI is creating in the insurance scenario.
In the session, ”Embedding AI with insurance,” Nicky Singh, Expert System Vice President of Sales & Business Development, UK & Ireland presented on the integration of AI in insurance, with a focus on three areas: claims, risk engineering and D&O insurance.
The event was also a great chance to learn more about the potential for AI in insurance and to understand how its implementation is essential for insurers and underwriters to remain competitive, improve processes and increase efficiency in the risk environment.
Following the event, Lloyd’s, together with the University of Surrey, have developed two reports that investigate these issues in more detail.
The first report, “Taking control: Artificial intelligence and insurance,” analyses the risks and opportunities of AI implementation for insurance companies and insurers, identifying four risks areas for AI: trust and transparency, ethics, security and safety.
The second report, “Taking control: robots and risk,” examines the impact of “collaborative robots” (or “cobots”) in business and explores the economic impact for insurance and society at large.
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