Lloyd's signs AI deal with Expert System
Lloyd’s of London has signed its first Artificial Intelligence (AI) deal to automate business processes in the market.
Lloyd’s has signed a worldwide agreement with Expert System that enables cognitive automation, according to an Oct. 9 press release.
Expert System allows businesses to transform effectively by automating business processes and improving customer experience, according to the statement.
"Artificial Intelligence drives productivity by changing the way we benefit from data, and Lloyd's continues its history of innovation," said Craig Civil, head of data innovation at Lloyd's. "Expert System's cognitive applications help us to meet our strategic objective and evolve business models through new applications."
Expert System focuses on the intersection of language and technology. The company aims to transform how technology understands written content and communication, improving the ability to use all of the information available for market intelligence, decision making, and strategic planning, according to the firm’s website.
"Artificial Intelligence is disrupting the insurance sector at an unprecedented rate," said Nicky Singh, VP UK & Ireland, Expert System. "In a decade, a significant part of the insurance industry will be powered by AI. It is a reality that we need to embrace. We are proud that the world's largest insurance market is working with us to innovate through AI."
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