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July 28 2023

Simon Pink – Challenges For Insurers Implementing AI

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FF News sat down for a chat with Simon Pink, UK Head of Emerging Technology at QBE Ventures, who touches upon the challenges that insurers may face when implementing innovative technologies such as artificial intelligence.

QBE Ventures is the strategic investment arm of QBE Insurance Group, focused on identifying and supporting innovative startups in the insurtech space. They provide funding and resources to nurture promising ventures and drive advancements in the insurance industry.

“One observation I’ve had across the industry is, in some cases, we’re still dependent on paper, we’ve got multiple systems, multiple rekeying, and, unfortunately, for AI to succeed in any industry, it’s got to be built on a foundation of trusted and accurate data.”

One of the largest issues is the fact that there isn’t enough trust in artificial intelligence due to the possibilities of human errors, which could lead to false information. Many companies still rely on outdated methods when operating.

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