In Feb 2019, Innovate UK announced that it will fund a two-year research programme which will explore machine learning to better forecast risk.
The programme will see a partnership between RSA, Plymouth University and Software-Solved. The programme will also involve other insurers such as AXA XL, XL Catlin and Aviva. The project will receive research expertise from Plymouth University on pattern recognition, data modelling, statistics and predictive analytics.
The project will contribute to the ongoing risk model research in the UK.
Martin Turner, Risk Consulting Director at RSA has said, “Having the ability to use machine learning to automate the assimilation of significant volumes of valuable data at our disposal enables us to forecast risk with a far greater degree of confidence.”
Through this programme, RSA will deploy its risk management tools and resources more accurately to probability improve how risk assessments are made and automate them across the insurance sector.