LCP scoops award for AI Insurance tool at industry awards
Insurance consulting Reserving Risk AI
LCP has won an award for its unique cutting-edge AI Insurance reserving tool, InsurSight, which has been named Reserving Solution of the year at the Insurance ERM awards.
LCP also won two other awards: Consultant Actuarial Data Scientist, Oliver Grossman, was named Young Actuarial Professional of the year. The Insurance Consulting team also scooped this year’s award for Diversity and Inclusion Excellence due to accountable DEI leadership, measurable progress and an engaging and impactful calendar of internal and external events and campaigns.
LCP developed InsurSight, which is a cloud-based reserving and analytics platform. It uses cutting-edge AI to help insurers do reserving smarter, quicker and better than ever before. It significantly reduces the time needed to set reserves and identify emerging trends, enabling insurers to focus on making informed business decisions.
LCP InsurSight is now being used to analyse over £200bn of reserves. Client feedback has reported significant efficiencies in the analysis, including an 80%+ time saving.
Tom Durkin, Partner and Head of LCP’s Insurance Consulting team, commented: “InsurSight is unique in the market because it’s the only end-to-end reserving platform that has been built from the ground-up to harness advanced analytics and AI throughout the reserving process. InsurSight brings a fresh perspective and enables insurers to quickly realise practical benefits from using machine learning in reserving.”
“At LCP, our vision is to remain pioneers in AI reserving, ensuring that reserving actuaries benefit from cutting edge tools, supported by high quality visualisations, embedded in a user-interface that’s slick, dynamic and easy to use. We are getting ready to release the next set of major features during 2025!”
Oliver Grossman, consultant at LCP, said: “I am absolutely delighted to have won this award. Over the past five years, I’ve been researching and developing machine learning based algorithms for LCP InsurSight (LCP’s end-to-end reserving and analytics platform) and embedding these into insurers’ reserving processes. As a result, we’ve been the first team of actuaries to achieve practical benefits from using machine learning in the end-to-end reserving process."
Read more about LCP’s latest thinking the evolving AI landscape here.
