Aspen AI Data Summit

Aspen is a provider of insurance and reinsurance to clients around the world, operating in the United States, United Kingdom, Australia, Bermuda, Canada, Ireland, Singapore, Switzerland, and the United Arab Emirates. Aspen Insurance consists of many lines of business backed by industry experts across a broad range of industries.

Building on Aspen’s newly announced Data Labs, 2024, with the vision to be a framework for their data science and AI initiatives; L Marks were engaged to deliver the first Aspen AI Data Summit. Cross-functional teams made up of Aspen employees and external suppliers tackled challenge statements specific to Underwriting and Claims processes. This event underscored Aspen’s commitment to leveraging AI to improve efficiencies and achieve optimal outcomes for their customers, aligning with Aspen’s values of innovation and collaboration.

As AI becomes a highly saturated technology area, differentiating suppliers through traditional processes is time-consuming, instead, Aspen invited all high-performing suppliers into one space to witness each in-action, rapidly co-creating solutions to best fit their vision and requirements.

Utilising the L Marks Fusion Methodology; the 3-day event and preceding set-up brought together 6 cutting-edge AI technologies and over 30 key stakeholders at Aspen to co-create fit-for-purpose, market-ready solutions. It is recognised as Aspen’s largest external technology collaboration event in their history!

“I’m excited to see the outcomes from the AI Data Summit. This event provides a great opportunity to collaborate with external partners, bringing outside knowledge into the business, whilst also leveraging the fantastic talent we have within Aspen.

“I can see there being tremendous opportunities with the evolution of data science and AI initiatives and I’m looking forward to harnessing the potential into the best solutions for Aspen.”

Rob Houghton, Group Chief Operating Officer, Aspen

Why choose a Fusion?

• To help Aspen compare each supplier’s suitability.
• To identify suitable suppliers for Aspen’s downstream AI and Data strategy.
• To get a better understanding of how implementation would work for each of the selected suppliers.
• To see examples of supplier implementation for AI solutions.
• To experience how each supplier works collaboratively with Aspen colleagues.
• To accelerate the decision-making for AI tools when compared to a traditional RFP process.

Milestones for each supplier to achieve by the end of the Summit:

• Produce a clear demo of the Solution and Implementation Plan
• Tell a story on the technology business use case, and a Journey of Integration.
• Work with key stakeholders to emphasise how Aspen systems play a role in the solution.
• Produce a High-Level Architecture Model.
• Discuss key topics developed by L Marks throughout the three days with Aspen stakeholders.
• Produce a final presentation and demo covering the key information shared and discussed throughout the event.

Technology Suppliers Involved:

Indico Data

Indico Data’s Intelligent Intake solution automates document ingestion for insurance, finance, and healthcare, enabling faster, more accurate decision-making.

Five Sigma
‘Empower adjusters with our AI-Native Claims Management Platform that boosts productivity and cuts cost, fast.’

mea

mea currently has thirteen different modules that make specific insurance processes more intuitive

BluePond AI

BluePond is an automation powerhouse tailored for Property and Casualty Insurance. It’s engineered to energize and expedite GenAI initiatives throughout the entire value chain.

Sprout.ai

AI-powered technology that helps you deliver fast and accurate claims decisions

“The summit exemplified our Aspen values in full. We recognize that over time AI will significantly influence the ways in which we operate, and it’s important that we adapt it to ensure our continued success.

“We covered an impressive scope, leaving us with progressive insights and enthusiasm for the next phase of our journey.”

Jonny Atkinson, Group Chief Business Development Officer, Aspen

Results

Aspen have selected who they will commercialise and develop the final solutions with. They’re set to go live within 2024, producing operational and commercial upside for all stakeholders.

L Marks are committed to being the most trusted partner for corporate innovation, get in touch to discuss how we may support your delivery of innovation initiatives.

“We thought it was a great innovative new approach. Refreshing and much more impactful than traditional approaches in the marketplace.”

– Technology Supplier –

“Excellent opportunity to fast-track the assessment process for innovative ideas. Great feeling of collaboration with internal colleagues and external companies”

– Aspen Employee –

“We thoroughly enjoyed the event and found it to be a great investment of time. A clear brief, well-structured agenda and almost unlimited access to Aspen business experts and executives enabled us to achieve in 3 days what normally takes weeks and months”

– Technology Supplier –