Lloyd's of London has signed artificial intelligence (AI) deal with Expert System, which develops cognitive computing and text analytics software based on AI algorithms.
Financial terms of the agreement have not been disclosed.
The deal will bring on cognitive automation, via the company’s Cognito software, to modernize its business processes in order to support the needs of market participants.
Expert System enables businesses to transform effectively by automating business processes and improving customer experience.
Lloyd's of London data innovation head Craig Civil said: "Artificial Intelligence drives productivity by changing the way we benefit from data, and Lloyd's continues its history of innovation.
"Expert System's cognitive applications help us to meet our strategic objective and evolve business models through new applications."
The company’s software is claimed to be focused on the intersection of language and technology. The company’s aim is to help technology understand written content and communication, which goes beyond traditional keyword or statistics approaches and to improve its ability to use information available on market intelligence, decision making and strategic planning.
Expert System UK & Ireland vice president Nicky Singh said "Artificial Intelligence is disrupting the insurance sector at an unprecedented rate.
"In a decade, a significant part of the insurance industry will be powered by AI. It is a reality that we need to embrace. We are proud that the world's largest insurance market is working with us to innovate through AI."
The company’s text analytics and cognitive computing applications can be used for range of business requirements including semantic search, automatic categorization and creation of metadata, multilingual text analytics, natural language processing and the development of taxonomies and ontologies.
Image:Llyod's of London to use Expert System's AI technology. Photo: Courtesy of Lloyd's of London/Wikipedia.org.