It does feel as if the embrace of AI is happening slowly but surely across financial services. It may eventually lead to a very different landscape.
Scottish Widows has partnered with insurance automation specialist Sprout.ai in a pilot project aimed at speeding up protection claims and underwriting using artificial intelligence (AI) as Money Marketing reports.
The trial, which incorporates natural language processing will focus on automating key parts of the claims journey by reducing processing times and simplifying complex medical documentation.
Underwriters will also be supported with AI-powered summaries of extensive medical files, enabling faster and more accurate decision-making.
This is a trial but there may need to be a consideration of effective guardrails for the use of this technology. Indeed, protection might be the area where there is scope for at least some controversy with a modern version of the ‘computer say no!’ That said the embrace of this technology may be inevitable.
There has been a big kerfuffle about suggestions for increasing taxes sent from the Deputy Prime Minister Angela Rayner to the Chancellor Rachel Reeves and now leaked to the media.
Clearly the former wants more attention paid to the tax take and controversially the reinstatement of the Lifetime Allowance. The leaked tax memo would ‘wreck’ savers’ retirement plans, according to experts quoted in FTAdviser.
Frankly, it doesn’t seem likely that Rayner’s ideas will be adopted without a change of Chancellor.
Most of the attention is on big workplace schemes but Caitlin Southall is director of Ssas transformation and proposition at WBR Group argues that Sass’s can help drive the government’s economic growth agenda writing in FTAdviser.
Royal London is acquiring the UK-based infrastructure manager Dalmore Capital, which manages around £6bn of assets across five flagship funds.
It looks likely to help the pension provider meet its Mansion House Accord commitments, a conmection which Corporate Adviser reports on.
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