Britain’s biggest provider of motorcycle insurance has announced it is moving to underwriting using purely artificial intelligence in the coming months, with no human involvement.
MCE Insurance announced it is to transform to full AI underwriting following the implementation of the ICE Policy software system. portfolio analysis.
The firm said combined with its existing AI and data analytics capabilities, MCE Insurance will start offering its self-service experience to customers in Q2.
“Bringing the ICE Policy system into MCE Insurance helps move us from a traditional model to a leading tech-led insurer,” said Julian Edwards, CEO of MCE Insurance. “We have been working towards this point for the last three years and it is a really exciting moment in the strategic development of the business.
“We know our customers want flexibility when they deal with us and by providing a fully-automated, self-service model, we are giving them that flexibility. Our business processes are so streamlined now that our customers can complete the full policy transaction in about a third of the time it would usually take.
“That is a huge step forward in bringing the experience of purchasing insurance in line with other retail markets.”
MCE said the system will give the motorcycle specialist the ability to develop AI and auto-machine learning within the business.
“This marks the final step towards creating a fully automated model providing dynamic, precision pricing by bringing together all quote, policy and claims data. This data equates to 20 million records each month,” said the firm in a statement.
MCE Insurance will initially run its AI alongside human underwriters to ensure the AI is learning accurately before moving the underwriters into more strategic, oversight roles.
“What this does is allow our underwriters to focus on the bigger picture, the wider portfolio performance and on the oversight and testing of the machine learning,” added Mr Edwards. “This is a fundamental change to the traditional role of the underwriter but one that makes greater use of their expertise. These are exciting times for MCE Insurance and just the start of our journey towards a new approach to buying and selling insurance.”