Lloyd's of London Signs First Ever AI Deal with Expert System

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Oct 09, 2017, 04:30 ET

LONDON, Oct. 9, 2017 /PRNewswire/ -- It's the first Artificial Intelligence rollout for the world's specialist insurance market, Lloyd's of London. Expert System has signed a worldwide agreement that enables cognitive automation powered by Cogito, transforming business processes to support the needs of market participants.

"Artificial Intelligence drives productivity by changing the way we benefit from data, and Lloyd's continues its history of innovation," said Craig Civil, Head of Data Innovation, Lloyd's. "Expert System's cognitive applications help us to meet our strategic objective and evolve business models through new applications."

Expert System allows businesses to transform effectively by automating business processes and improving customer experience.

"Artificial Intelligence is disrupting the insurance sector at an unprecedented rate," said Nicky Singh, VP UK & Ireland, Expert System. "In a decade, a significant part of the insurance industry will be powered by AI. It is a reality that we need to embrace. We are proud that the world's largest insurance market is working with us to innovate through AI."

Lloyd's is the world's only specialist insurance and reinsurance market that offers a unique concentration of expertise and talent, backed by strong financial ratings and international licenses. It is often the first to insure new, unusual or complex risks, providing innovative insurance solutions for local, cross border and global risks. Its strength lies in the diversity and expertise of the brokers and managing agents working at Lloyd's, supported by capital from across the world. In 2017, more than 80 syndicates are underwriting insurance and reinsurance at Lloyd's, covering all lines of business from more than 200 countries and territories worldwide. Lloyd's is regulated by the Prudential Regulatory Authority and Financial Conduct Authority.

www.lloyds.com

SOURCE Expert System