Following its technology innovation challenge, Aventum is set to develop its artificial intelligence (AI) underwriting assistant, the re/insurance company announced recently.
Aventum stated that the recent Bear Cave Innovation Challenge, a Dragon’s Den-style competition for its staff, encouraged its employees to pitch in ideas that will help the company achieve revenue growth, boost efficiency, improve the workplace, and achieve sustainability.
The innovation challenge, according to Aventum, yielded more than 30 innovation ideas, and the champion, Lee Ellis, received VIP tickets to Silverstone for the British Grand Prix. The ideas ranged from sustainability innovations to the development of AI-driven technology to increase the company’s capabilities to serve its clients.
Meanwhile, Aventum said that Lee’s pitch for an AI underwriting assistant capable of triaging submissions and identifying risk appetite was unanimously selected by a panel of judges as the winner. As part of his winnings, Lee will receive investment and support to realize his idea.
“Aventum’s Innovation Lab, a fully funded and resourced division with 12 full-time members of staff, dedicated to innovation across the group, has already begun work on the prototype which uses large language models,” the company stated.
Aventum CEO, David Bearman expressed his delight at the results of the challenge, saying it “perfectly highlights what can be achieved when you harness the collective genius of a talented team.”
“The Bear Cave Challenge was a great opportunity to build on our culture of innovation and empowerment. We were inundated with incredible ideas from team members worldwide across every part of the group. Congratulations to Lee, his idea was incredible and certainly pushes the boundaries of what’s possible, something we collectively strive for. Currently, in the proof-of-concept stage, watch this space for updates on the development of this exciting new technology,” he said.
Meanwhile, in July, Aventum also launched a cancer-awareness event, EC3 Relay, which bagged a Guinness Book of World Records honour for most participants in a static cycle relay. It ran across three days and two nights. The event garnered around £62,000 in funds for cancer medicine research.
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