The Mind Foundry Blog

Discover the latest articles on Artificial Intelligence and Machine Learning.

Insurance

AI Insights from UK Insurance Leaders in 2024

4 min read

AI Insights from Insurance Leaders in 2024

2024 has been a significant year for AI in insurance. New products and technologies are being developed and deployed, but regulations like the Consumer Duty are becoming clearer and more impactful. At 2024’s Insurance Post AI Summit, Mind Foundry...

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AI vs Fraud in the UK and Japan Feature Image

8 min read

AI vs Fraud in the UK and Japan

Fraud is a constant and ever-changing threat in the global insurance industry. In partnership with Aioi Nissay Dowa Insurance, Aioi Nissay Dowa Europe and The Aioi R&D Lab Oxford, Mind Foundry has developed powerful AI solutions to combat it. In the...

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5 min read

The Puzzle of Scaling AI in Insurance

Building a performant model in insurance is one thing. Building, deploying, maintaining, and governing hundreds of models in production is another challenge entirely. AI is already integral to insurance and has been the driving force behind much of...

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6 min read

The Impact of UK and EU AI Regulations on Insurers

AI adoption has accelerated in insurance in recent years, with 77% of insurers indicating they are at some stage of adopting AI in their value chain. At the same time, AI regulations worldwide are becoming more defined, and these regulations will...

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7 min read

Balancing Innovation and Risk: How Insurance Leaders Can Manage AI

AI's potential to drastically enhance the insurance industry is extraordinary and undeniable, with McKinsey estimating AI could add up to $1.1 trillion in annual value for the global insurance industry. But just as AI's potential is beyond question,...

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Black Box Explainability in Insurance Feature Image

7 min read

How Complex Models Can Be Made Explainable for Insurance

In the insurance industry, understanding and trusting the decision-making process of predictive models is essential. Historically, insurers used simple models that were easily explainable to regulators, but in recent years, as many models have...

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Consumer Duty Implications in Insurance Feature Image

6 min read

The Consumer Duty and Its Implications for Insurers

On July 31st 2024, the Consumer Duty came into effect for both open and closed products, with far-reaching implications for any organisation offering a financial service or product in the UK. This includes the insurance industry, and insurers must...

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AI Governance in Insurance Fraud

5 min read

Why AI Governance Matters in the Fight against Insurance Fraud

Fraud is one of the most pervasive threats in the insurance industry. Insurance fraud is estimated to cost insurers £1.1 billion in the UK alone. As the cost of living has placed more people under significant financial pressure, authorities warn of...

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Practical Steps for Scaling AI Governance in Insurance Pricing

4 min read

7 Steps for Scaling AI Governance in Insurance Pricing

The complexity of modern pricing models, coupled with the regulatory changes that are due to come into effect this year, means that insurers need to start implementing proper AI governance. However, scaling this governance to span a business that...

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4 min read

Aioi R&D Lab - Oxford in 2024

One year into its mission to solve global-scale societal issues through the creation of products and services powered by AI technologies, the Aioi R&D Lab - Oxford is breaking barriers in global collaboration, driven by a commitment to the...

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6 min read

Why Insurance Pricing Needs AI Governance

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...

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Explainability in pricing

4 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...

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