Who might benefit
Our research is designed for several different user groups:
- Staff working across the insurance value chain. Successful technology-based business innovation involves changes in both business process and business models and hence requires a combination of expertise: technological (AI and data science), business (responsible for engagement with customers and suppliers) and analytical (e.g., underwriting and risk pricing). Our research will directly support these staff by providing relevant knowledge and understanding.
- InsurTech startups or in new competing technology based challengers, e.g., major internet platforms, who need understanding the insurance value chain and the potential for AI and data technologies. They will particularly benefit from our mapping and our detailed case studies.
- Senior management in the industry need to shape an appropriate strategic response to this new emerging landscape. Our integrative work packages together with our implementation frameworks are addressed to their needs.
- Regulators, compliance officers and policy makers want to support these technological changes, and where possible use them to better achieve regulatory objectives such as customer protection at less cost to the industry.
How might they benefit from this research?
Business line and technology staff in UK insurance can gain insight into the organisational and business challenges arising from the application of AI to their products and business processes. They will be able to learn best practice and the factors for successful innovation from our case studies and research based empirical investigations. Risk analytics staff may also benefit from better understanding the opportunities for data-based improvements in risk modelling and underwriting.
Insuretech entrepreneurs can gain from a better understanding, especially from our case studies, of the business requirements for successful new technologies.
Senior management can also gain strategic insight, in particular into changing business models, into the possibilities for co-operative effort to develop standards and supporting technology and for negotiating the potentially transformative impact of technology on the industry as a whole.
Policy makers and line staff in regulatory bodies can benefit from improved understanding of insurance business models and how they are affected by technological change; on recommendations and opportunities for better alignment of regulations with the new technologies; on developing policies for regulation of new business products and technology supported business models; and from understanding and supporting opportunities for using technology to support regulatory compliance
We offer all of these different user groups practical options for promoting the application of AI and data technologies in the UK insurance industry, in the short to medium term at the level of specific business process and over the longer term by influencing the strategic and policy decisions that shape future business models and support industry transformation.
Our research strategy, based on close engagement with our industry partners and co-production of research, provides assurance that our range of research outputs will be relevant to these targeted user groups and, if we do our job well, have the desired medium and long term impact on the future of the UK insurance industry.