Operations/tech

Over half of respondents said that the technology currently available to them is not allowing them to make the most of the data at hand or make better pricing and portfolio decisions.

The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.

A study by digital payments platform Diesta has unearthed time lags for insurers to receive premiums, as well as frictional costs created by inefficient premium processing.

The Corporation has had to navigate challenging trade-offs around its succession planning.

Over 90% of carriers and 40 brokers are using the electronic trading platform.

While Blueprint Two was expected to move the market to a data-first approach, firms have different views on when the industry will reach this new destination and rid itself of document-led processes.

The Corporation has also created separate codes for pandemic event cancellation and active assailant risk, among others.

The platform will connect MGAs with capacity from a wide range of providers.

The broker, led by Ed Gaze, who previously ran the Lloyd's Lab, helps develop and launch InsurTechs based in the UK and globally.

Miller is now using Whitespace for casualty business in a move to leverage the e-trading platform's data-capture functionality.

Lloyd's said early adopters could be operating in a fully digital framework by September 2024, with market testing set to accelerate this year with a vanguard group.

In this second of a two-part analysis on the proliferation of ChatGPT and similar generative AI tools, Insurance Insider explores the risks inherent in using them.