In the Loop

Is AI really just about saving time or is there something bigger at stake for the London market?

“Human in the loop” is one of the most used phrases in AI, but what does it actually mean for insurers?

According to Tim Hardcastle of Instanda, there are three ways people and AI can work together: human-led, human in the loop and human-enabled. Each one trades control against scale.

He tells Insurance Insider’s Abbie Day that roles are shifting from doing the work to supervising it, raising questions about how junior staff will learn the ropes as entry-level tasks are automated.

And with regulators holding firms accountable for every decision, he explains why humans won’t be taken out of the loop any time soon.

Is AI really just about saving time or is there something bigger at stake for the London market? 

In our first episode, Abbie Day sits down with Rachel Turk, chief of performance and strategy at Lloyd’s, to set the scene. They talk about where the true value of AI lies, what Lloyd’s expects from managing agents when it comes to governance and the biggest challenge the market faces in putting AI to work.