Artificial Intelligence and Lloyd’s Canada Attorney in Fact Signing System
AI is helping us to drive productivity globally by changing the way we benefit from data.
We are regularly identifying opportunities to use AI software and to demonstrate our evolving AI strategy.
We have successfully concluded a proof of concept to introduce AI software to the Attorney in Fact (AIF) Signing Process which ensures policies issued in Canada comply with all Canadian regulatory requirements. We have partnered with Expert Systems, our strategic AI software supplier, and Lloyd’s Data Lab to introduce the use of Expert Systems Cogito AI software* to automate the AIF signing process.
We receive over 200 policies per day via the AIF signing system (ASPS) portal. Policies are submitted by the broker and once received they need to be checked to ensure proper wording and content.
Policies that are not acceptable are returned to the broker for correction. Currently this is a manual process and we are only able to ‘audit’ a sample of all policies received daily. On an annual basis these policies amount to about CAN$1.8 billion in premium.
The AI solution
With AI, we will be able to have 100% of all policies reviewed, in near real time, as they are submitted. And then only those that do not pass will be reviewed manually.
By leveraging AI, we are ensuring that every policy is reviewed consistently and efficiently with minimal manual intervention.
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