5 min read
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...
6 min read
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...
7 min read
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,...
7 min read
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...
6 min read
On July 31st 2024, the Consumer Duty will fully come into effect for both open and closed products. With it comes far-reaching implications for any organisation offering a financial service or product in the UK. This includes the insurance industry,...
5 min read
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...
4 min read
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...
4 min read
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...
6 min read
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...
4 min read
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...
6 min read
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....
5 min read
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...
