burger menu
Taking control: artificial intelligence and insurance

Taking control: artificial intelligence and insurance

    Add to bookmarks
SUMMARY

The report identifies and describes the four areas of risks to take into account as an insurer when it comes to AI: Transparency and trust, ethics, liability and security.

It sees the need for government regulations and provides key information on the current regulatory and government landscape in the UK, EU, US, and China. 

The report sees major implications of AI on the insurance business and highlights them for the fields of product recall and liability, third-party motor liability, professional indemnity, medical malpractice, cyber, fidelity and political risks. These implications are not only seen as a threat but also business opportunities for insurers such as new policies insuring AI risks and improved risk management. Further opportunities are seen in optimizing internal operations through AI in the fields of customer service, underwriting and fraud detection, claims and business development.

The report sees no heavy impact of AI on the insurance business in the short-term, but alerts insurers to be ready for the major changes coming in the medium to long-term. It finishes with 10 actionable insights for insurers on how to address the challenges of AI in their business such as to consider data brokering, deliver transparency, support regulations and engage with insurTech.

OUTLINE
Executive summary

What is artificial intelligence? 

Societal and international security impacts

Risks

Regulatory and government landscape

AI and insurance 

Conclusions 
 
DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Taking control: artificial intelligence and insurance
Region
Global
Published
April 24, 2019
Publisher
Lloyd's
Author(s)
Lloyds / University of Surrey
Price
FREE
Language
ENGLISH

Content

Number of Pages
61
Number of Tables
0
Number of Exhibits
1
Topics
ai
Tags
AI, AI applications, AI development, AI regulation, global, insurance
Author(s)
Lloyds / University of Surrey
Methodology
The report is based on a collection and analysis of almost 100 recent reports and articles which are cited in the reference section. If applicable with a link to the original text. In addition interviews were conducted with industry experts and academic experts. These interview partners are listed in the report as well.
EVALUATION

The report offers a comprehensive introduction in the complex relations between AI and the insurance sector.

It follows a clear logic of setting the stage with identifying the risks, describing broadly the regulatory framework in key markets and then conclude the impacts of AI on various business lines and the insurance sector overall.

While the methodology of the reports follows a more academic approach it includes many times as well use cases and examples adding practical aspects. The report is not a detailed handbook on what to precisely do next in each of the business lines. Recommendations and actionable insights are rather superficial.

Nevertheless, supported by an extensive list of references and additional information such as a long list of relevant insurTech start-ups, it serves as a good starting point to understand the implications of AI on insurers and then dig deeper based on the references. And while published by a major insurance company the report does not come across as biased and promotional.

Similiar Reports

Smart Mobility

FREE

Together We Build African Artificial Intelligence

FREE

Big Data and AI Executive Survey 2019

FREE