Artificial Intelligence and Insurance: How Soon is Now?

November 2023

The Master's Series online breakfast briefing entitled Artificial Intelligence and Insurance: How Soon is Now? guided members through the complex world of AI and explored its potential application in the insurance industry.

Skilfully hosted by Liveryman Paolo Cuomo, Dr Artur Niemczewski, a non-executive director at the Chartered Insurance Institute, Rosina Smith, Chief Product Officer at McKenzie Intelligence Services, and James Poynter, Global Data Science Lead for Gallagher Re, looked at the capabilities of AI as well as its limitations.

While it could radically impact some processes, and the roles within them, there was a consensus that human oversight and intervention will always be necessary, not least because regulators will expect humans to be accountable for the decisions made by AI. It may even create opportunities to put humans back into some customer-facing processes that have become dehumanised.

Uk Economic Prospects

January 2023

The latest Master’s Series breakfast briefing was a comprehensive review of the UK’s economic prospects by Rain Newton-Smith, chief economist at the Confederation of British-Industry.

She expertly guided over 50 members at the online event through the key trends for inflation, energy prices and growth, highlighting both the risks and opportunities. She struck an optimistic note: “There are reasons for optimism, and we all hope that the recession will be short and not as deep as feared”.

Amid the challenges the world economy faces – from which the UK is not immune – there are potential opportunities for insurers, she said. Key among these is the transition to a low carbon economy, now couched in terms of energy security in the wake of the Ukraine war. The need to manage the risks around renewable energy and decarbonisation projects in aviation, shipping, trains and heavy goods vehicles should create opportunities for insurers, possibly in partnership with other private sector players and government.

She said the UK needed an ambitious strategy for growth that built on its acknowledged strengths in life sciences, technology and financial services.

• Podcast (audio recording) of the event

Navigating Geopolitical Risk

February 2023

The Master's Series of Topical Briefings turned its attention to the sensitive and controversial subject of geo-political risk with a presentation entitled “A dangerous world: How insurance is helping to navigate geopolitical risks.”

The war in the Ukraine has highlighted the risks and challenges of global geo-political events and reminded everyone they cannot be ignored. With the growing tensions between the West and China constantly in the headlines we are reminded that these threats are global.

To understand these risks, we assembled a highly experienced panel of experts from WTW (Willis Towers Watson) to help us deconstruct these risks and explain how they impact all of us in our daily and professional lives with particular reference to the potential impacts on the insurance industry and the role it might play in mitigating the risks.

• Video recording of the presentations, complete with slides