AI Insights Unveiled:
UK Insurance Leaders Navigate the 2024 Regulatory Maze


The insights, trends and drivers of transformation in a changing regulatory landscape from the UK's insurance leaders at the Insurance Post's AI Summit 2024 ↓

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AI adoption is accelerating in insurance, bringing with it the potential for numerous benefits, as well as significant risks. 


Mind Foundry recently held a series of workshops at the Insurance Post AI Summit to better understand how AI is being utilised by insurers, the challenges being faced, and how we can work together through them.

This report includes the insights from these workshops from nearly 40 insurance leaders representing some of the top UK insurers within claims, fraud, pricing and data science so that you, too, can take the necessary steps to navigate the AI landscape.

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Main areas of focus:

  • How insurers are incorporating AI into their business strategy - what is working, how it can be improved, and what factors are stifling innovation and progress.

  • Which measures of AI governance, like model monitoring and explainability, are being implemented to adhere to current and upcoming UK regulations? 

  • How deployment and governance, and the associated challenges, vary in organisations of differing size and AI maturity.

 

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Screenshot 2024-08-09 at 08.56.11
AXA

"Given the way LLMs and GenAI solutions are built and work, you lose the ability to ‘see the bottom’, meaning your traceability and ability to explain a decision is lower. This will be a challenge with regulators when it comes to mitigating decisions or customer outcomes. We want to make sure we balance risk appropriately, so we are setting clear guardrails for the use of GenAI."

Paul Hollands
Chief Data & Analytics Officer

Crawford

"The term ‘AI’ is seen by many as an intimidating topic. The ability to clearly explain AI capabilities and function would help to bring a lot of reassurance to its use."

David Sheppard
UK Head of Systems, Quality & Development

Allianz

"The people aspect is the biggest strategic challenge and making sure we keep the ‘human-in-the-loop."

Chris Varley
Chief Data & Analytics Officer

ANDE

"Legacy systems can indeed make it hard to move AI models from testing to full use. However, the key to solving this problem lies in a three-way partnership where the business team identifies the need, the AI team creates the solution, and the IT team is involved from the very start to understand the best way to integrate it into the existing system."

Nicola Walker
Head of IT - UK

Crawford

"We want to have the confidence in our models that they are performing as they should be."

Andrew Shaw
Development Director 

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