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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. 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.

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.

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Taking control: robots and risk

In the future millions of jobs could be taken over by increasingly sophisticated robots or cobots (“collaborative robots”), according to various predictions. This report explores robotics potential to significantly change the risk landscape in many parts of the economy, including: manufacturing, agriculture, healthcare and retail. It also explores the opportunity for insurers to collaborate with clients as data from cobots will provide a much greater understanding of risk and offer opportunities for improved risks and pricing models.

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