Takeaways:
- The Hartford and Google Cloud support insurtechs' AI efforts
- Participants can access Google AI development expertise
- Lloyd's finding uses for AI in operations
The Lloyd's Lab insurtech incubator, a mentorship program that matches insurtechs with mentors, has enabled more than half of its insurtechs to use AI through these partnerships.
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"By convening the best talent, creating diversity of capital advantage and innovation advantage together, then you're going to start and continue to close protection gaps that we see around the world," said Dawn Miller, chief commercial officer for Lloyd's and CEO of Lloyd's Americas. "There's so much happening around us when it comes to climate resilience issues, AI, cyber — places where we have gaps, where we need all of our minds to come together and align."
The insurtechs in the program now involve AI more than when the incubator first began, according to Miller, with 50% to 60% of them either "using some form of AI to augment what they're doing, or they have an AI focus themselves," she said.
The Hartford is building its own AI solutions using Google Cloud, including leveraging data from home Internet of Things sensors, bringing this experience to mentor startups in Lloyd's Lab, according to Mo Tooker, president of The Hartford.
"The AI solutions that are very common in these conversations are creating a pace for us that's unmatched, we hope, in the industry, so we can be an industry leader," he said. "As we find customer challenges, we bring solutions, and we have a pace of delivery that improves because of the partnerships here."
Google Cloud is supporting Lloyd's Lab insurtechs with access to its AI capabilities and development work, including Google DeepMind next-generation AI systems, according to Rohit Bhat, general manager and managing director of Google Cloud.
"This is a really deeply collaborative relationship, where it's less about, 'just go launch something,' " he said. "It's really more focused around what is it going to enable and what is it going to help deliver them through moving forward."
Lloyd's itself is using AI to assist with regulatory reporting globally by collecting and organizing information, according to Miller. The insurer also plans to use AI to make underwriting decisions and operations more efficient, she said.
"I see it primarily being deployed for the underwriting decision-making process, because you have enriched data, so you're able to make more creative decisions, more decisions, close those protection gaps, deal with new technologies, draw in new information and deal with risks that we couldn't deal with beforehand."
