Lloyd’s of London wants to infuse artificial intelligence technology into the daily business it does with its customers.

The world’s largest insurance market signed a global deal with Expert System that will bring on cognitive automation, via the company’s Cognito software, to modernize its business processes in order to support the needs of market participants.

Neither side disclosed financial terms.

Craig Civil, head of Data Innovation with Lloyd’s said the agreement will help boost the productivity of its market members.

“Artificial intelligence drives productivity by changing the way we benefit from data, and Lloyd’s continues its history of innovation,” Civil said in prepared remarks. “Expert System’s cognitive applications help meet our strategic objective and evolve business models through new applications.”

Nicky Singh, VP UK and Ireland for Expert System, said in prepared remarks that “a significant part of the insurance industry will be powered by AI” and “it is a reality that we need to embrace.”

Expert System markets its technology to insurers and banks, defense and intelligence agencies, public administration departments, the health and pharmaceutical industries, the energy industry, publishing and media and other sectors.

Source: Expert System/Lloyds

Topics InsurTech Excess Surplus Data Driven Artificial Intelligence Lloyd's