
Undoubtedly, GenAI can give a competitive edge, by speeding up operations for instance. But this fast-evolving technology poses new risks to data privacy, intellectual property or sound decision making. While businesses are increasingly looking to engage with the new opportunities that AI offers, many are simultaneously grappling to understand and manage the full risk landscape that it operates within.

The process follows a period of improved financial and operational performance at the AA, which serves more than 16 million customers, including 3.3 million individual members. Alongside roadside assistance, the AA operates in other sectors such as vehicle and home insurance, and driving instruction services through AA Driving School and BSM.

According to Stait, long-term value should drive the entire relationship – not just the renewal. “Value is added throughout the life cycle of the project, throughout the year, so claims, reviews, client meetings, all of that stuff, that’s absolutely key. And really the renewal should kind of follow that, rather than being the thing that drives the activity.”

Adam Atkins (pictured), head of technology underwriting at Hiscox UK, pointed to artificial intelligence (AI) as the key technology reshaping the landscape. “In January, the government launched the AI action plan, where they made it really clear that AI is going to be the way forward for the UK… I think that’s going to shape the technology sector, but much wider as well, because there’s going to be far more businesses now wanting the investment so that they can build AI, they can use AI, they can advise on AI,” he said.

The lawsuit brought to light a series of embarrassing exchanges between executives at Marsh where they discussed the escalating financial crisis engulfing Greensill and its main insurer, Australia’s Bond & Credit Co, in the run-up to Greensill’s collapse.
In an email exchange from 2020 that was shared with the court, a Marsh executive described the situation surrounding Greensill’s insurance contracts as “a frightening absence of corporate governance: this is fraud which may well be in breach of the Australian legal code as it applies to insurance companies”.

Dye encouraged a forward-looking mindset: “If you look at how underwriters assessed risk and pricing business in the past, it’s very much been looking in the rear view mirror… looking at what claims have happened on this particular business. If a fleet or a business has just moved from a load of petrol cars to all electric cars, that’s not an effective way, in my opinion, of assessing risk, because we know from industry data, it costs an awful lot more to repair.”