Ai and algorithms in insurance – is the industry ready?

We’re hearing a lot about AI, but what about the critical building blocks, the algorithms, that insurers are starting to rely on to make decisions in underwriting and claims assessment without human intervention? Is the industry ready to delegate underwriting to machines?

On June 3rd, InsTech London hosted an event that aimed to answer some of the big questions about AI, algorithms and what makes them different, as well as the future ethical and legal ramifications of this technology.  

We heard from companies that are already successfully using algorithms to support risk definition, underwriting selection, claims and even the insurance of using algorithms themselves. Furthermore, InsTech London corporate members Norton Rose Fulbright and Barnett Waddingham shared their visions of the technology applications from the actuarial and legal perspective. 

Thanks goes to Ninety Consulting for sponsoring the event.

Our InsTech London podcast episodes 31, 33 and 34 contain all the details of this event.

Podcast
Podcast 31. How humble is your algorithm? Talking to AIG, Cytora, WhenFresh and Polar Capital cover image

Podcast 31. How humble is your algorithm? Talking to AIG, Cytora, WhenFresh and Polar Capital

This week’s podcast features edited highlights of Matthew chatting on stage with leading figures from AIG, Cytora, WhenFresh and Polar Capital at our live event in The Steelyard.
Everyone’s talking...

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Podcast
Podcast 33. More algorithms that really work from ChAI, e2Value and We Predict cover image

Podcast 33. More algorithms that really work from ChAI, e2Value and We Predict

More fun from our Algorithm and AI event at the Steelyard on 3rd June in this, our selected highlights from the second half of the evening. We covered the first half in episode 31. Now it's Robin...

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Podcast
Podcast 34. Keeping your algorithm safe, legal and morally acceptable cover image

Podcast 34. Keeping your algorithm safe, legal and morally acceptable

With all the talk of the use of AI and algorithms in insurance innovation we thought we'd better check out some of the potential pitfalls and challenges that need to be considered with using...

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Being part of the AI event and being featured in the podcast has lead to a lot of new inquiries for us, which is amazing and would not have happened without your support. Thank you for believing in us, and for giving us airtime at this early stage.

Silvi Wompa - Chief Underwriting Officer, ChAI