Getting up to speed with AI in insurance at the ILC conference

The Catalyst team left the latest I Love Claims conference excited by the possibilities of AI in insurance and loving how so many visitors enjoyed playing the Silverstone inspired game on their stand.

Catalyst Services UK was proud to be a Gold Sponsor of the Home and Property Claims event held at the home of British motor racing on Thursday 30^th November.

Fittingly, one of the themes of the event was how generative artificial intelligence (AI) is very rapidly looming in the wing mirrors of the insurance industry and is expected to be a strong force in the sector.

I Love Claims (ILC) is a community of more than 6,500 like-minded individuals and businesses that work within the home and property, motor and claims technology claims insurance supply chain.

AI in insurance

Catalyst’s Head of Technical and Network, Paul Duddle, said: “We were very interested to hear the speakers and take part in the discussions about AI at the I Love Claims conference.

“Personally, I was left very excited about the possibilities created by AI in the insurance industry and how it can, if managed well, help us deliver even better service” for policyholders.

“AI will not be a bolt on to how we currently process claims. It will allow us to deliver our services in ways we haven’t even thought of yet. It’s going to be transformative.

“At Catalyst we want to play a major part in the AI revolution. One prediction I will make, is that AI won’t replace the need for human expertise. Investigations will still have to be carried out.

“Repairs will still have to be made. AI can’t do those things. But it will enable new ways for these tasks to be planned, approved, managed and paid for, and we’re ready to embrace the changes that will come.”

Key speakers and follow-up discussion panels covered topics that included ‘AI and humanity in customer service, being ‘tech-enabled and the policyholder’, and the use of technology to control costs.

Race against clock

Catalyst, which carries out specialist underground investigations, repairs and asset renewals for the insurance industry, also took the opportunity to showcase its be portfolio of services to more than 400 visitors.

To demonstrate its expertise in a way that tickled the imagination, visitors could take part in a Catalyst Service Speed Challenge.

With a wave of a motor racing chequered flag, participants had to race against the clock to identify and issues dotted around a large graphic of an urban street scene.

Catalyst Managing Director Brad Jackson, who gave a video interview for ILC during the event, said: “It turns out drainage is very exciting. We had people queuing to take part. Perhaps the prizes for the winners helped. But it was clearly a lot of fun.

“Also, the graphic will now will be used, and further adapted, as an engaging training aide to explain drainage, water supply pipe and subsidence concepts to external insurance claims professionals.

“I’d like to thank all conference visitors who visited our stand for taking an interest in our services and we hope to continue the conversation with many of them over the weeks to come.”

Partnership approach

ILC events are an important way for insurance professionals to come together and discuss both strategic and operational issues in ways that drive improvements in the industry, said Jon Haddon, Head of Business Development at Catalyst.

He added: “We want to work transparently, honestly and in partnership with our clients. Meeting face to face is an important part of that process. It also helps us confirm we’re human and not AI robots. For now, anyway.”

Find out more

If you were at the ICL conference and want to continue the conversation, please get in touch. If you couldn’t be there and want to start one, we’d also love to hear from you. Telephone. 0800 870 8080.