London Market Technology Roundtable Breakfast 2024

Roundtable: Navigating the GenAI Frontier in Insurance: Revolutionising Data Strategies for Business Success

LMF is the community hub in the London Market where people come together to really learn, network and collaborate in a neutral setting, mixing with their Market peers to explore the key issues of the day. At this Technology Roundtable Breakfast, we’ll dig a little deeper into the most talked about theme across all LMF Practice Groups and events, Gen Ai. It’s something that each and every one of us will have to grasp, so join us on 21st May at 8.30am, at the Apex Hotel in Seething Lane, for a special breakfast gathering.

The landscape of the insurance industry is undergoing a seismic shift, driven by the advent of generative artificial intelligence (GenAI). This revolution presents unprecedented opportunities for insurers brokers, and MGAs, to enhance their data strategies, drive operational efficiencies, and offer personalised customer experiences. We all realise that data integrity is essential for successful deployment and outcome, but there are different perspectives on the matter. However, it also brings forth new challenges in terms of data governance, ethical considerations, and the need for robust AI frameworks.

Key discussion points include:

• Introduction to GenAI in Insurance: An overview of generative AI technologies and their current and potential applications within the insurance industry. This will include examples such as automated claims processing, risk assessment models, fraud detection, and the creation of personalised insurance products.
• AI & Data in the London Market: to what extent can we imagine using AI to curate and analyse masses of unstructured data to assist in matching underwrite appetite and capacity to customer risks? When might we see AI powering straight through processing in the London Market, if not for all risks, at least for some risks? What kind of insight and trend analysis can we hope for from AI in the wholesale insurance market?
• Enhancing Customer Experience: Exploring the ways in which GenAI can transform the customer experience in insurance.
• Ethical and Regulatory Considerations: Addressing the ethical implications of deploying GenAI in insurance, including data privacy, bias in AI algorithms, and the impact on employment.
• Future Outlook: Envisioning the future of the insurance industry in the context of ongoing advancements in GenAI.

During this interactive roundtable breakfast, we’ll hear from Charles Southwood, Regional Vice President and GM, Northern Europe & Africa, of Denodo, and London Market Technology Leader and now CO-Founder of Systems iO, Angus Kennedy. Both firms are kindly supporting this roundtable event.

As is normal with all LMF Roundtable Breakfasts, there’ll be a great mix of learning, networking and roundtable discussion. This topic is being raised by insurance practitioners on all of our Groups and we know, from our own research, that 75% of Market firms are either working on Gen Ai projects or planning to do so over the next year.

Who?

This Breakfast, which should appeal to all technologists, data leaders, operations and change professionals and those driving innovation. This is chance to have an open discussion about the topic and really dig a little deeper into the drivers, opportunities and barriers.

You’ll enjoy a lovely hot cooked breakfast and plenty of lively discussion – a staple of the LMF model.

The session will be facilitated by Roger Oldham, CEO of LMF.