Aviva has begun testing a new artificial intelligence (AI) capability as part of its efforts to enhance digital underwriting and pricing practices across its Global, Corporate & Specialty (GCS) business.
The insurer announced that it is participating in a six-month beta programme to evaluate an AI-powered tool known as the Actuarial Agent.
Aviva said that it aims to assess how such tools can support pricing accuracy, streamline operational workflows, and enable faster decision-making within its underwriting teams.
The pilot, run in collaboration with insurtech firm hyperexponential (hx), will examine how the Actuarial Agent can be applied across targeted use cases.
Karen Dayal (pictured above), chief underwriting officer for commercial lines at Aviva, said the company is aiming to expand its digital capabilities to improve pricing outcomes and operational performance.
“By leveraging hx Renew AI – including the new Actuarial Agent – and a suite of other AI-powered tools, we’ll be evaluating how artificial intelligence can augment the expertise of our underwriters and brokers,” Dayal said.
Aviva has previously used hx Renew’s Pricing Decision Intelligence platform to build 20 new pricing models in just nine months, significantly accelerating model development. The insurer touted the platform a success as it reduced typical pricing build times from over an hour to less than 10 minutes.
Aviva currently operates 23 live models within hx Renew covering a broad range of commercial lines. Recent additions include political violence and terrorism and legal indemnities.
Concerns over the potential for AI to replace underwriting roles remain a significant issue within the insurance sector, with 69% of underwriters and 67% of actuaries indicating they believe such tools could displace their roles within five years.
Aviva, while increasing its investment in AI, has framed its current evaluation as an exercise in support – not substitution – of technical expertise. The aim is to explore how AI can enhance underwriting decisions without eroding the role of professional judgement.
This approach aligns with broader industry sentiment. A survey found that 91% of insurers are investing in or planning to invest in AI within the next five years, but it also highlighted internal unease: 74% of underwriters and 80% of actuaries questioned whether they have the technical skills needed to work with these systems effectively.
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