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8 min read

Why Insurance Pricing Needs AI Governance Now

Insurance is an incredibly competitive industry. The sheer number of customers, competitors, and small margins make for an adversarial landscape. Pricing is like a microcosm of the insurance industry, with every insurer jostling for the attention of increasingly savvy customers demanding cheaper, fairer quotes. It is one of any insurer's most mature, competitive, and important functional areas. In markets with price aggregation, mistakes are punished quickly and harshly as billions of quotes...

8 min read

AI Regulations around the World

*This article was updated on February 7th 2024, to reflect developments in the timelines of the UK's Pro-innovation approach to AI and the European AI Act. 

In the last decade, we have witnessed the most significant progress in the history of machine learning. The last five years have seen AI transition from being positioned merely as a research or innovation project to a game-changing technology with myriad real-world applications. This rapid shift has moved topics such as model governance,...

11 min read

All of Mind Foundry's Blogs

Here are the blogs that Mind Foundry has written recently. We've separated them into their respective topics or sectors to help you find what you're interested in.

Insurance

Why Insurance Pricing Needs AI Governance Now

Pricing is one of any insurer's most mature, competitive, and important functional areas, and AI plays a vital role in helping insurers offer faster, more optimised pricing quotes than their competitors. However, as AI regulations start to come into effect, it is essential...

6 min read

Why Is Explainability Important in Insurance Pricing?

As an industry driven by data and complex algorithms, the insurance sector stands at a crossroads where transparency and explainability in pricing models are becoming more than just best practices—they're becoming imperatives. As the tools and practices for creating Explainable Artificial Intelligence (XAI) become more accessible and robust, insurers will use them to deploy trustworthy, Responsible AI at scale that stays ahead of regulations and delivers a competitive advantage. 

What Is...

6 min read

Crossing The AI Deployment Gap

With its unparalleled ability to turn data from raw material into a valuable resource, AI is more than an opportunity to innovate. Nevertheless, this doesn’t make it the answer to every problem that involves data. Although understanding and avoiding these misconceptions is essential, there is another equally critical consideration when it comes to realising AI's impact. Namely, the question of how to turn models that are theoretically performant pre-deployment into operationalised systems in...

9 min read

How Quantum Computing and LLMs Will Revolutionise Insurance

In a previous article, we discussed how the recently launched Aioi R&D Lab - Oxford was tackling the problem of ageing populations by using insurance telematics data and AI to detect the risk factors indicating cognitive decline in elderly drivers. As ageing population dynamics around the world continue to shift, projects like this can create shared value in society by enabling older safe drivers to maintain their freedom with access to affordable insurance products. This article explores how...

6 min read

Why AI Isn’t the Answer to Every Data Problem

We have previously spoken about how AI is more than just an innovation opportunity, despite contrary prevailing wisdom. It can already solve real and complex problems in various challenging domains. But before work starts on implementation, it’s vital to establish the nature of these problems, especially with regard to the data involved, and to consider whether AI is truly the right solution.

Much of the rhetoric surrounding AI and Machine Learning (ML) suggests a universal solution to every...

7 min read

How AI Can Help Insurers Tackle Fraud

Fraud is one of the most pervasive threats to the insurance industry, causing damage to both businesses and customers. Every insurer takes steps to try and negate this threat, but how effective are these measures, and could AI hold the key to truly effective fraud detection?

The History of Insurance Fraud

Insurance is ubiquitous in modern society and accounts for over 7% of the world’s economic activity. Although the exact origins are difficult to pinpoint, we know insurance dates back to at...

7 min read

How Do Machines Learn? Meta-learning as an Approach

In the previous two blogs in the series, we addressed what makes machine learning models trustworthy and how machine learning models fail. This blog is focused on how machines learn and one particular approach called meta-learning, which enables machine learning models to improve over time such that they can generalise to perform related but distinct tasks. We will look at how humans learn compared to machine learning, what meta-learning is, and how meta-learning can be done responsibly.

How do...

5 min read

5 Ways to Manage AI Responsibly in Insurance

The integration of Artificial Intelligence (AI) and machine learning has already brought transformative opportunities across the rapidly evolving landscape of the insurance industry. As data generation has surged and competition intensified, insurers have recognised AI’s game-changing potential as a tool for analysing expansive volumes of data with unprecedented speed and accuracy. With data generation occurring at such high velocity, insurers turned to AI as a series of experiments to make...

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