Lead Research Organisation:
Professor Alistair Milne
Professor Roger Maull
Finance and insurance services contribute more than 7% of UK national income, and over one million jobs. Around one third of this employment is in insurance. London is the leading global centre for specialist commercial (re)insurance broking and underwriting. It supported the writing of £60 billion of gross written premium in 2013. Exports of insurance and pension services were £17.6 billion in 2016, some 7% of total services exports.
This project is investigating the opportunities and challenges for the UK insurance industry arising from the application of the new artificial intelligence (AI) technologies: machine learning, distributed ledger, automated processing, and the explosion of available data for business analytics.
From organisational and industry-wide perspectives it will:
- Explore the implications for the insurance industry of this wave of new digital technologies, with support from many of the UK’s leading insurance companies.
- Map the range of opportunities for AI-based innovation in business processes and models, across underwriting and risk analytics, claims processing and customer engagement.
- Examine the barriers to adoption and the enablers of change.
TECHNGI develops strategy and policy recommendations which identify the steps required from firms, and policymakers, to support the adoption of AI technologies. This project ensures that these support automation and efficiency gains in UK insurance industry and benefit customers.