Taking an ecosystem approach in the UK group risk insurance market

In today’s unforgiving market, the need for operational efficiency and distinctive products is a competitive requirement – no sector is immune and the group risk market is no different. Insurers that recognise the importance of ecosystems, as well as harnessing technology to support them, will be best placed to achieve successful future operating models and gain competitive advantage.

UK Group risk insurance – the operating model of the future: Balancing efficiency and growth

Balancing operational efficiency and growth is a critical challenge in the UK group risk insurance market. This article argues for a transformative operating model that not only lowers costs but also removes barriers to growth. Key components include strategic automation, enhanced connectivity, business agility, and the importance of high-quality internal data. As the industry evolves, leveraging modern technologies like AI and cloud computing becomes essential for sustainable growth and competitive differentiation.

Consumer Duty

The Consumer Duty rules revolutionize the industry by emphasizing customer centricity over mere regulatory compliance. These rules demand higher standards of care throughout the entire Life and Pensions value chain, focusing on delivering 'good outcomes for retail customers.' Lumera is at the forefront of this paradigm shift, actively participating in shaping regulations through trade bodies like AILO, AFM, and GRiD.

Insights from the Nordics

The UK insurance landscape mirrors its Nordic counterparts in facing economic and demographic challenges. Both have navigated common reforms, including customer-centric regulations and the shift from traditional Defined Benefit pensions to Defined Contribution schemes due to factors such as prolonged low interest rates and extended lifespans. This has exposed vulnerabilities in established policy administration systems, necessitating a shift towards more sustainable models.

Deploying AI in Life & Pensions 
- The ethical dimension

Lumera is in the forefront of deploying Artificial Intelligence in Life and Pensions-specific use cases. Take part in our experience and what we’ve learnt to help our clients and others gain insight how best to take advantage of AI in their businesses.

What we are learning from our latest AI deployments

The Life and Pensions sector has lagged General Insurance and broader Financial Services in its exploitation of AI, but we are now seeing an accelerating level of interest and determination to gain practical benefits from adopting AI among L&P companies. However, in parallel, there is a deepening academic concern and societal anxiety about the ethical impact of AI. Based on our experience in this field to date, we explore how our community is thinking about the ethical dimension of AI.

Adopting AI and automation to transform policy administration for UK Life and Pensions

Inevitably, the UK Life and Pensions market is changing.
Providers like you need a clear, and safe, path forwards as regulatory
and technological transformation is converging on the Life and Pensions sector.

The value of AI in the Life & Pensions sector

We show how AI-driven insights can enrich complex L & P advice, while routine tasks are automated. The power of AI adds to human expertise on pension savings, enabling more finely-tuned, individually targeted solutions.  

AI-Powered Policy Administration System – for a composable and scalable business

Adding the power of AI and automation across your core business operations will facilitate digital customer interaction and optimize operational efficiency. At the same time, it enables cost savings and helps reduce operational risk, as well as enabling more finely-tuned, individually targeted solutions. In other words, it will help you meet your future goals.

Deploying AI for Life and Pensions - the recipe for success

Using Artificial Intelligence (AI) to resolve and automate everyday, real-world business issues may still feel a thing of the future to many insurers, but the knowledge, tool kits and structures are already in place and ready to be exploited.

The five-step approach to successful AI deployment

Deploying Artificial Intelligence into their operational workflow still feels like a leap into the unknown for many insurers. But in fact, the project methodologies and technical solutions are in place to deploy AI safely, step by step, with business outcomes very much in focus.

Bringing insurance Intelligence to the Data Warehouse

Lumera believes that the future of analytics and reporting for Life and Pensions companies is to have AI embedded in insurance Intelligent Data Warehouses (IDWs) that ‘shadow’ the firm’s in-productions systems of record, social media and other data sources such as CRM. What does this mean? And how will it work?

AI – a great fit for the Life and Pensions industry

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