Broker Expo: Open GI sets focus on machine learning

man-and-machine

Following purchase of machine learning specialist MLP, Open GI CEO Simon Badley outlined the future strategy for both companies.

Simon Badley, CEO at Open GI, has explained how the software provider is changing its approach to general insurance.

In a session at Insurance Age’s Broker Expo today (7 November), Badley stated: “We need to think about technology differently and we need to think about the solutions that we offer and how we bring them to market differently.

“Our goal is to be technology provider of choice in this industry and we need to think innovatively about how our customers will use software.”

He explained that Open GI sees data and machine learning as emerging themes within the general insurance space.

Badley joined Open GI as CEO after Chris Guillaume stepped down from the role in May 2019.

Acquisition
Badley was joined by Tom Murphy, CEO at Machine Learning Programs (MLP).

Open GI purchased the machine learning and artificial intelligence specialist in September 2019.

Presenting with Badley at Broker Expo today, Murphy explained that machine learning can be difficult to define.

He commented: “There are many different ways to approach machine learning, some of the algorithms are largely different than others, some are explainable and some are very opaque.”

Murphy explained that MLP’s role is to use data to highlight patterns of behaviour which can relate to pricing patterns, fraud prevention and rate renewal.

“When we work on insurance, we’re dealing with 150 to 200 pieces of data.”

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