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June 8 2023

Simon Pink Reveals How AI And Deep Learning May Impact The Insurance Industry

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Here, Simon Pink, UK Head Of Emerging Technology at QBE Ventures, gives his insight into how he sees Artificial Intelligence and deep learning impacting the insurance industry within the next few years. QBE Ventures is the venture investment arm of QBE Insurance Group.

“Internally we’re seeing some great examples emerge and become more robust in the context of claims handling and being able to ingest structured data, claims, written documents, extracting the salient features and starting to put them into that workflow. And that will continue to emerge.”

“We’re seeing new risks emerge and the example I go to is automated vehicles. This is a vehicle, this is a machine that’s driven by AI, how do you insure that? And how do you understand how that’s going to behave … If the automated vehicle has an accident, as an insurer, you’ve covered that to some extent … How are you going to process that at a scale and deal with that? So there’s a challenge there that I think we’re going to have to deal with.”

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