Navigating the AI
Trust Fall in Insurance


Three Critical Questions ↓

Download

Stand up straight. Close your eyes. Rock back on your heels and get ready to fall. Don’t worry – your colleagues will be there to catch you.... Won’t they?


AI can do incredible things for insurance companies. But unless you’re approaching it in the right way, using AI can feel a bit like taking a trust fall.

It sounds safe enough on paper, but what happens if something goes wrong? Will the reassurances you’ve been given stand up to scrutiny? Or will you be the one who hits the ground with a bump?

In this guide, we’ll look at the biggest questions that insurers face about their use of Artificial Intelligence, and why now is the time for them to embrace the concept of AI governance.

Download

This guide covers:

  • AI regulation in the UK

  • Minimising bias in AI models

  • Explaining how AI models work

  • Scaling AI responsibly

  • Maintaining and keeping AI models up to date

  • AI governance

 

Download

ebook cover

Mind Foundry in Insurance

 

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, Mind Foundry provides a comprehensive suite of advanced AI solutions designed to address challenges spanning pricing, claims management, and fraud detection, with  a key focus on for explainability, AI governance and fairness.

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


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

Person in circle icon

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. 

651afdfba8c8b66360ec4d7c_Models that get better over time

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. 

Icon

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.

Book Icon

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. 

AND-E Logo-2

"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

AND-E Logo-2

"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

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...
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....
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...

Stay connected

News, announcements, and blogs about AI in high-stakes applications.