Taking control

How artificial intelligence and robots create new risks and opportunities for insurance and society

As the world becomes increasingly automated, it is forcing underwriters to adapt and navigate a new risk environment. Meanwhile insurers are leveraging the potential of AI themselves to remain competitive, improve processes and increase efficiency. Lloyds have commissioned two reports in collaboration with the University of Surrey that explore these trends in more detail.

Taking control: artificial intelligence and insurance analyses the associated risks of AI implementation as well as the potential for AI to help insurers improve their operations and develop new products. Building on this, Taking control: robots and risk investigates the impact collaborative robots (or cobots) on the economy, and the subsequent risks implications for the insurance industry.

brain illustration taking control with artifical intelligence and insurance

Taking Control:artificial intelligence

Taking control: artificial intelligence and insurance This report identifies four risks areas for AI: trust and transparency, ethics, security and safety. It highlights that as artificial intelligence systems become more complex, cyber breaches are likely to have an even greater impact. The report also explores new business opportunities for insurers from developing new products for companies using the AI to applying the technology to improve insurance processes and deliver better value.

robot illustration taking control with artifical intelligence and insurance

Taking Control:robots and risk

Taking control: artificial intelligence and insurance This report identifies four risks areas for AI: trust and transparency, ethics, security and safety. It highlights that as artificial intelligence systems become more complex, cyber breaches are likely to have an even greater impact. The report also explores new business opportunities for insurers from developing new products for companies using the AI to applying the technology to improve insurance processes and deliver better value.