Blog Articles
Insurance and the Rise of ChatGPT
03-May-23
Cyber insurance is a complex and fast-paced area of the insurance sector, which is constantly changing as cyber technology develops. Cyber innovation has always posed both risks and benefits to businesses, with insurance companies working hard to stay a step ahead, building insurance policies that respond to new innovations appropriately. One such recent innovation is a market-leading AI model - ChatGPT. What is Chat GPT? Developed by OpenAI, ChatGPT is an AI chatbot that surpasses many previous chatbot types, thanks to a Generative Pre-trained Transformer (GPT). The difference from older chatbot types is that ChatGPT can analyse context and wording to create complex and relevant conversation and prose. ChatGPT has “learned” (or been “trained”) using language from huge amounts of internet-based data, in order to recognise a wide range of different ways in which texts are formed and interact. OpenAI explains that in addition to the information-based training, it has also used Reinforced Learning from Human Feedback (RLHF), which included human trainers ranking AI responses by quality to create “reward models”.[i] The way that ChatGPT has been trained allows it to create answers and content that is very human-like. Having a chatbot that can imitate human reactions offers numerous possibilities for businesses and individuals. As many clients start to pay attention to what ChatGPT is offering, the insurance sector needs to consider how it could affect their risk profile. What are the benefits? The benefits of ChatGPT for any business is relatively easy to imagine. It can have an impact on everything; from marketing content, to customer services, professional emails, and gathering content for blog articles. The AI system can analyse huge amounts of data in microseconds, allowing almost immediate responses that can be accurate, relevant and appropriate. In customer services, in which chatbots are already in mainstream use in some sectors, ChatGPT can emulate human ...
Aston Charles Holds Popular eKarting Charity Event!
27-Mar-23
The Yorkshire insurance community braved a surprise snow storm recently to attend Aston Charles’ charity eKarting event at the Xscape Leisure Centre! The event was attended by a large number of teams from across the insurance community, alongside their friends, families and clients, and we made hundreds for our two chosen Charities (Andy’s Man Club and The Disaster Emergency Committees Earthquake Relief Fund for Turkey and Syria). The fastest laps of the evening were clocked by Tom 'Rum' Butler (Schofield Insurance Brokers), Jake 'The Flying Dutchman' Fox (Towergate Insurance) and Gary 'Brought His Own Helmet' Thorner (Edison Ives Insurance). The fastest consistent driver was Jake Fox , and the fastest team was Schofield Insurance Brokers Ltd featuring Tom Butler, Amanda Shaw, Dean Fletcher, Dylan King and Mohammed Taj, with Paul Coates and Matt Steer from McCarron Coates Ltd coming second, and Edison Ives Insurance Solutions coming third with Gary Thorner and Harry Sekhon. The feedback has been outstanding and we look forward to organising another social event soon – if anyone would like to be kept abreast of these, or has suggestions for what we can organise, please do contact Richard Jones richardjones@astoncharles.co.uk...
Are Deepfakes Really a Threat for Insurers?
17-Mar-23
Are Deepfakes Really a Threat for Insurers? Insurance businesses, along with lots of other industries, are becoming increasingly aware of the potential threat posed by the emergence of deepfake media. Deepfakes are highly sophisticated fake images, video or audio created with the help of AI to be almost indistinguishable from the real thing. The emergence of deepfake technology has had implications for a wide range of settings. This technology has made headlines for the ability to create fake images of celebrities doing and saying things that may be out of character or sensationalist. In more sinister cases these hoaxes can be highly damaging or distressing for the individuals concerned. Increasingly, deepfakes are being used for fraudulent and criminal activity, so multiple industries, including corporate and commercial insurance organisations, need to be alert to the risks. Potential for fraud For the Property & Casualty insurance industry, deepfakes pose a clear opportunity for fraud. At the point of taking out a policy, fraudsters can create documents and photographs of a property or business that does not exist; or amend images to insure a property that may exist, but in an entirely different form. Another, similar type of edited media, known as “shallowfake” uses software (rather than AI) to alter images, often on a large scale. It was reported that one piece of Canadian ID - a passport – was submitted around 2,500 times within a month, each time with changes to the name, address or photograph.[i] In terms of claims, accidents, fires and vandalism can be digitally hoaxed with very little technological expertise. A quick peruse of app stores reveals a variety of different apps that will change a photo of any car so that it appears to have been “wrecked” as a “prank.” These easy-to-use services can be impossible to identify as fake with the naked eye. As automated services within the insurance industry continue to grow and people are able to make ...
eKarting – Who is the Fastest Insurance Professional in Yorkshire?!
28-Feb-23
eKarting – Who is the Fastest Insurance Professional in Yorkshire?! Following our highly successful joint initiative with the Chartered Insurance Institute last year where we held a charity Curling, Bowling and Pool evening, the team at Aston Charles have decided to hire out the eKarting facility at Xscape Leisure Centre in Castleford. The event is free of charge, but we are asking for a minimum donation of £10 per head with all monies being split between Andy’s Man Club and The Disaster Emergency Committee’s Earthquake Relief Fund for Turkey and Syria. The event takes place on Thursday 9th March, and everyone will be given a practice session, then a main race. The fastest 10 racers will then take part in the Grand Finale to see who is crowned as the Fastest Insurance Professional in Yorkshire! For firms with a number of drivers racing, we will also recognise the fastest team on the night too. The event is open to all, regardless of your seniority or employer! Knowing how competitive insurance people can be, and with serious bragging rights at stake, we are sure this will be a hotly-contested and very popular evening. As such, please register an interest as soon as possible with richardjones@astoncharles.co.uk...
2022 a Year in Review!
17-Feb-23
2022 a Year in Review! The Team recently documented just a small selection of our completed assignments for 2022 on LinkedIn. The post proved surprisingly popular, amassing thousands of viewers and lots of support from across the industry, both in the UK and overseas. We’ve been very fortunate to partner with leading global and respected independent brokers, major composite insurers, MGA’s, InsurTechs and Loss Adjusting Houses. We’ve also seen a significant increase in the amount of Group and In-house Insurance Manager roles, with clients being based across the globe, from a range of industries such as Property, Telecoms and Leisure. We’re really just scratching the surface by sharing 24 of our wins from the past 12 months, but below are the placements we detailed on the original post: • Group / In-house Insurance Manager – US$500M Turnover Leisure Risk – Northern • Managing Director – Independent Broker – M62 Corridor • Acquisition - Independent Broker - West Yorkshire • Head Of Private Clients – Global Broker – UK-Wide • Group Head of Insurance & Resilience – Major Telecoms Company • Consumer Finance & Insurance Manager – Top UK Retail Brand • Account Exec’ Team Leader – Independent Broker - Yorkshire • Head of Claims – NASDAQ Listed Insurtech – South East • Senior Account Exec’ (Transferable Portfolio) – Global Broker – Wales ...
Halloween at the Movies - Emoji Quiz
31-Oct-22
Halloween at the Movies - Emoji Quiz Having become something of a regular occurrence in the insurance communities calendar, the team at Aston Charles have continued their popular series of Emoji quizzes. With previous quizzes drawing applications from teams from the worlds of Broking, Underwriting, Adjusting and InsurerTechs from across the UK (and occasionaly further afield!), we decided to get in to the ‘spirit’ of things by running a Halloween at the Movies Quiz, using only Emojis to depict famous films (and their Actors, Directors and hits from the soundtrack). For a chance to win a truly spooktacular prize, the full set of questions can be found at https://www.linkedin.com/feed/update/urn:li:activity:6989126949499469824/ or by emailing richardjones@astoncharles.co.uk...
Keeping the Team Mojo – Remote Working
14-Oct-22
Keeping the Team Mojo – Remote Working The last few years have seen a shift in working practices. Since Covid closed offices, many insurance companies (along with multiple other sectors) have decided to retain working-from-home options for their employees. This can reduce costs and allow employees greater flexibility in their working lives and work-life balance, increasing job satisfaction. As an Insurance Recruitment Specialist, Aston Charles has seen the many ways in which this has had a positive impact on recruitment and retainment. It has allowed people to pursue job opportunities that may otherwise not have been possible and has given companies a wider pool of potential candidates. A cost However, at the same time, there has been a cost in the general insurance market. People may feel isolated and disconnected from their job. There may be confusion about working practices or about the way the company works. New staff may find it difficult to integrate with their colleagues. Online team meetings can be stilted and awkward, without the pre-meeting banter that one commonly expects in face-to-face group gatherings. All these issues can lead to a lack of engagement. There is a correlation between engagement and a reduction in absenteeism, as well as a reduction in staff turnover, with some statistics showing 17% higher productivity and 21% higher profits where there are greater levels of engagement.[i] So how to ensure that the culture of your office is one of camaraderie and “pulling together” towards the company goals? Team building solutions – Real life · Consider choosing one day a week as an “anchor day” when you expect the whole team to be in the office; or at least be at a face-to-face team meeting. · Have fun together – plan team building days a couple of times a year. There are many organisations that specialise in team building, with a wide range of activities – from games and ...
Effect of Inflation on the Insurance Market
24-Aug-22
Effect of Inflation on the Insurance Market The past two years have seen huge amounts of worldwide upheaval, and in recent months there has been a long predicted, but alarmingly swift, rise in the cost of living. This inflation is impacting both individuals and businesses. Insurance brokers, underwriters and other insurance professionals will be asking themselves what effect this inflation will have on their sector (and those of their clients). There is a fear that clients may no longer see insurance as a vital purchase – or that they may cut back on the range of products that they buy. What are the statistics? These concerns have been confirmed by a recent Whitepaper produced by Guidewire (a platform used by P&C insurers), which has looked in detail at the effect of the cost-of-living crisis on the insurance industry. Sadly (though perhaps predictably) 86% of insurance consumers, when surveyed in 2022, were worried about the rising costs of living. It appears that 47% would be likely to reduce their insurance spending.[i] Are there opportunities? The above figures relate to domestic purchases, such as travel insurance and home insurance. It may be unlikely that large corporations will cut out insurance to the same extent. However, businesses will certainly be looking to reduce their spend – for example, by making sure that the insurance they do have is fit for purpose, with no redundant or unrequired extras. This difficult global situation has also brought opportunities for insurers. This is a time for brokers and underwriters to remind clients of the vital nature of insurance; by looking at ways they can offer clients additional services and support that will help to grow and protect businesses in these challenging times. Claims Inflation We are seeing a rise in the costs of materials and salaries, as well as delays getting materials into the UK, which lengthens business interruption. These issues are leading to claims inflation. While all industries have ...
Insurance Isn’t Boring And Neither Are The People Who Work In It! Michaela Martin tells us about her decision to share her house with refugees!
10-Aug-22
Insurance Isn’t Boring And Neither Are The People Who Work In It! Michaela Martin tells us about her decision to share her house with Ukrainian refugees! Jon Simon Insurance’s very own Micheala Martin is probably one of the industry’s most vocal, outspoken and amusing commentators on LinkedIn – hardly a day seems to pass where she’s not offering to quote on a risk, delivering a wry put-down, talking about her new BMW (only joking Micky, you worked hard for it 😊) or, dare we say it, making some risqué comment! However, there’s more to Michaela than being the insurance industry’s leading virtual Pub Quiz Mistress and winning at LinkedIn! Indeed, there’s ONE area of her life where she’s been quieter than expected…back in March, Micheala took the decision to offer to share her home with a pair of Ukrainian refugees, Anna and Rusi. The Team at Aston Charles decided to find out more! Richard Jones – Micheala, have you been hiding your charitable light under the bushel all these years, or is this the first time you’ve done something like this? Micheala Martin – this is the first time I’ve ever thought to do something so significant. I have a cat protection subscription and give random donations but no, something hit home with me and I wanted to help! RJ – Wow, talk about jumping straight in at the deep end! What made you decide to do something, and did you act straight away or think on it for a while? MM – The government announced the “Homes for Ukraine” scheme. I went home, discussed it with my daughter, and she also wanted to help. I explained I’d been looking at some of the stories about the trafficking of young girls, and having a teen daughter, my instant thought was to help someone her age to offer a safe place to stay. Annie Hawksworth – That’s so kind. Please can you tell us about the first week or so, and how have things developed longer-term? MM – The first week was all about Google Translate - the two girls haven’t ever ...
Visit to Broadway Hall
05-Aug-22
Visit to Broadway Hall “Like a slice of Silicon Valley nestled in leafy old Horsforth!” said Aston Charles Director, Richard Jones upon walking into the recently-redeveloped Broadway Hall. Co-Director, James Heald agreed, “It’s like walking into a five-star hotel, where do I check-in?” The Team were invited for a tour of the recently-refurbished office of Bartlett Insurance Brokers; a long-term client of Aston Charles. Broadway Hall is a great example of how, with a little thought (and what we imagine a big financial investment), you can really transform your office into one of the most desirable places to work in the insurance industry - it had the collaborative buzz of an Insurtech start-up in Shoreditch, and the professionalism of a global broker's HQ in the City – all the while retaining a sense of proud heritage for this longstanding business. What really impressed the team was that Bartlett’s commitment to employee wellbeing goes well-beyond free fruit and a (very) fancy coffee machine – offering a free gym with subsidised personal trainers (your pick of 3 to choose from!), bespoke health and wellbeing programmes, an in-house training suite to help you with your professional quals, and much, much more! Well done Bartlett’s, we know your team will be very happy working there!...