The transformative potential of artificial intelligence (AI) and machine learning (ML) continues to capture the imagination of the Lloyd’s market.
The LMA is pleased to share a new report, AI and ML in Actuarial and Risk, which showcases the findings from our latest survey of chief actuaries and chief risk officers from across the market, produced with the support of Barnett Waddingham.
This report is built on insights from 30 respondents, representing approximately 55% of the market stamp capacity, alongside six in-depth interviews. There is a growing sense of optimism in the market, with organisations taking meaningful steps to integrate AI and ML into their operations.
The survey findings reveal a gradual but steady adoption of AI/ML technologies, driven by their ability to enhance decision making, improve operational efficiency and unlock new opportunities across actuarial and risk management. However, challenges such as model transparency, governance frameworks and ethical concerns remain central to discussions. As we embrace these technologies, it is clear that their successful adoption will depend on striking a balance between innovation and risk management.
