Hastings begins hunt for artificial intelligence experts Hastings begins hunt for artificial intelligence experts

Hastings begins hunt for artificial intelligence experts

Insurers are looking to artificial intelligence as a way to spot patterns in behaviour or predict who is more likely to have an accident

 

Hastings is the latest British insurer looking to invest in artificial intelligence after chief executive Gary Hoffman pledged to hire hundreds of data experts. 

Mr Hoffman said the FTSE 250 company was looking to hire a "few hundred people in the next few years, particularly data analytics people and people involved in AI [artificial intelligence]." 

Insurers are competing to embrace artificial intelligence or machine learning to spot risky behaviour and fight fraudulent claims, with Aviva confirming earlier this year that it was looking to acquire start-ups in this space.  

 

Mr Hoffman's comments follow a strong first half for the group, which reported a 22pc boost in profits to £86.5m after cashing in on the rising number of people shopping for a bargain on price comparison websites. 

 

The group, which provides car, bike, van and home insurance, also saw gross written premiums soar 28pc on a year ago to £462m for the six months to June 30. 

"The group’s digitally focused business model has allowed it to benefit as customers shop around for the best deal available in the face of market-wide inflation in car premiums," the company said. 

 

Mr Hoffman said the group was on track to deliver the targets it set itself earlier this year - which include having 3m customer policies in place by 2019, up from 2.5m currently - to replace those laid out after its initial public offering in 2015

Like most of its rivals, Hastings is still waiting on the outcome of a Government consultation into a change in the so-called discount rate, which could cost insurers an estimated £5.8bn if it stays at -0.75pc. 

Shares in Hastings dipped on Wednesday. 

 

Shared from: Telegraph

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