AI expert Nigel Cannings shares his views on AI in the insurance industry and how its transforming all sectors through underwriting innovation

Nigel Cannings is the founder and CEO of Intelligent Voice, the London-based company leading the international development of proactive compliance and technology solutions for various forms of media. It provides secure speech and NLP solutions to regulated and privacy-sensitive industries.

A qualified lawyer and legal expert, he has also worked for some of the world’s largest law firms and software companies and is a recognised technology specialist and commentator. We caught up with him to find out more about how AI is transforming the insurance industry.

Q: How embedded is AI in the current insurance market?

The nature and core foundations of insurance companies remains unchanged, still built on risk with the focus on accurately assigning likelihoods of certain events. However AI has significantly changed the behaviour and demands of the consumer. Consumers are now digitally driven and more aware of the multiple product choices available to them but perhaps most importantly the patience and attention span of consumers has diminished in a world where we are used to getting results on the spot via omni channels. In order to respond to this market shift insurance companies have no choice but to embed AI technology. 

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