Insurance Times Awards 2023: LCP hopes AI offering will improve strategic decision-making

Why have you put yourselves forward for the Excellence in AI award?

InsurSight addresses two key challenges faced by insurers – how to reduce the time spent on data analysis and how to enhance insurers’ decision-making capabilities.

InsurSight is actively used by prominent insurers, handling over £100bn in insurance reserves and is transforming how insurers are analysing and getting the best value from their data.

InsurSight seamlessly integrates AI with actuarial modeling and robust governance. InsurSight uses AI to automatically detect, highlight and prioritise the most important issues.

This provides management with faster and more accurate feedback on changes to their risk profile and helps carriers make better strategic decisions.

What do you think makes your entry stand out and why should you win the award?

InsurSight stands out because it puts AI at the heart of modern insurers – from robust assessment of merger and acquisition targets, through to accelerating regular health checks on emerging claims experience to avoid costly surprises.

InsurSight does this through integrated AI delivering your first-cut reserves in minutes, automatic highlighting of key assumptions and trends and advanced diagnostics, making it easy to fine-tune and justify selections.

Clients using LCP InsurSight have highlighted that this is the first time they have seen AI really helping and becoming embedded in their processes.

What would winning this award mean to you and your firm?

Winning the Excellence in AI Award would celebrate the hard work and ingenuity behind LCP InsurSight, highlighting our commitment to enhancing client experiences and streamlining insurers’ processes.

This would further affirm our leadership in integrating AI into insurance processes. It would also endorse our innovative approach, encouraging further advancements and collaborations in the industry.

This award would recognise our dedication to excellence and our contribution to the evolving landscape of AI-driven solutions in the insurance sector.