The Value of AI in the LP&I Sector
8 March 2021
Ai-VDA White Paper
IBM defines Supervised AI, otherwise known as Supervised Learning, as “The use of labeled datasets to train algorithms to classify data or predict outcomes accurately.” So with the Life, Pensions and Investments (LP&I) sector being so fuelled by data and information, surely the value that comes from the deployment of AI is too great to ignore. But what does this really mean for a sector so set in its ways, and that faces a daily challenge to transform in a rapidly changing digital world?
Ai-London’s CEO, Andrew Hubbard, believes that Artificial Intelligence (AI) has a big role to play in the future of the LP&I sector. ‘Where there are large volumes of data and complex rules, AI thrives and has most to contribute,’ Hubbard says, ‘And the LP&I sector is rich in data and rules.’ When it comes to where AI will make an impact, Hubbard doesn’t see it eliminating large numbers of jobs. ‘The sector is rich in human capital,’ he says, ‘but as much as 50% of people’s time in the industry is spent entering and re-entering data.