Unlocking data is key to future market

A better term for artificial intelligence (AI) is 'actionable insight', as it enables insurance companies to use better chosen data to find opportunities in the marketplace.

That was the main message from a session at the Intelligent Automation event in London today (Tuesday May 21), sponsored by Digital Fineprint.

Speakers at the session titled ‘AI = Actionable Insights in SME Insurance’, included Erik Abrahamsson, founder and CEO of Digital Fineprint and James Hibbert, strategic development manager - commercial e-trade, RSA.

Abrahamsson said his firm helps companies find the right fit for tech, such as natural language processing, which is a practical application of AI. It refers to the process of ingesting the massive amounts of data needed to identify opportunities. His company also offers a service called Atlas, which allows companies to chart new domains and new areas.

Digital Fineprint has been working with QBE since 2017 to engage the European commercial insurance market.

Commercial insurer RSA is also using AI for SME insurance. Hibbert said that to unlock the data the company has been looking at AI in telemetrics in personal lines as well as other areas. This year the focus is on how to unlock data and improve on it. He said AI is already being used in the commercial world and that as it works in other industries so insurance will have to use it.

Abrahamsson and Hibbert stressed that the level of experience and knowledge around these types of tech was steadily increasing. Hibbert said that five years ago few people talked about robotics or AI in RSA, because few understood it. Now more and more understand it and use it.

However, the session concluded by pointing out that AI cannot replace humans completely. Humans have charisma and humour and can build relationships with clients – AI cannot.