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. Lloyd’s 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.