Artificial Intelligence in Insurance

Ensure your AI is safe and ready for use across your business. 

Insurance is the safety net of society.


We help insurers to solve the problems they face today and create solutions for the global-scale societal problems of tomorrow.

In the complex world of insurance, the Mind Foundry Platform provides a comprehensive suite of advanced AI products designed to address challenges spanning pricing, claims management, and fraud detection, with controls for AI governance, explainability, and fairness.

With regulation increasing, Mind Foundry is a backstop that gives you peace of mind and protects your profit line.

Offerings

In highly regulated environments where risk and complexity are high, organisations rely on Mind Foundry to deliver solutions that truly perform.


Pricing

Build, deploy and govern pricing models effectively with explainability, provenance, and performance monitoring features required by AI regulations.


Fraud

Build, deploy and govern your fraud models effectively with in-built controls for fairness and bias metrics, data integrity, data drift, privacy, model robustness, and more.


Governance

Mind Foundry Motion is a system agnostic governance platform for managing, testing and explaining the performance and provenance of all your models.

Benefits Mind Foundry Brings to Insurance

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Solutions, fit for purpose

Complex and challenging problems require specific and customised solutions. The Mind Foundry Platform enables you to collaboratively build, train, and use models whilst keeping everything under one pane of glass. 

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AI Safety

The biggest problems arise from the things we do not understand. By providing clear insights into all of an AI’s operations, Mind Foundry empowers organisations to enhance safety through transparency and trustworthiness. 

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Strategic advantage

We have barely scratched the surface when it comes to AI’s potential to impact the insurance industry. The Mind Foundry Platform helps you build solutions and create your own intellectual property, giving you a unique advantage in a competitive industry.

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Models that get better

Continuous Metalearning improvements push your models’ performance beyond their day-one capability with automatic updates when new trends are detected and continuous support to models in production. 

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"What was critical in the success of the large loss solution, was that AND-E had the domain expertise and previous knowledge about large loss accidents, proven and enhanced by the Machine Learning models created by Mind Foundry. As human insight helped inform what the models learned, the model’s insights helped the insurance experts learn more about the world and how to understand and better manage the risk in their portfolio."

Greg Cole
UK Claims Director

AIOI R&D LAB

"Our collaboration demonstrated the quality and power of the Mind Foundry Platform and its world-class talents who enhanced our machine learning capabilities. Now we are embarking on an ambitious project to transform our entire insurance operation on a global scale to lead the rapidly evolving mobility insurance sector by joining forces with Mind Foundry.”

Jun Ikegami
CEO

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"Mind Foundry’s fraud solution enabled AND-E to improve fraud detection by 120% within the first month of adoption, compared to our traditional system. We expect this to continue improving as the model continuously learns and we expand our partnership. This is hugely beneficial to both AND-E and our customers, helping us to eliminate more fraudsters and become more competitive by reducing the cost of fraud being passed onto our customers.

Nika Lee
Chief Underwriting Officer

Deepen your knowledge

View Resources

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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...
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The Consumer Duty and Its Implications for Insurers
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...
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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...

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