All members of Aventum were encouraged to put forward ideas for driving revenue growth, boosting efficiency, improving workplace conditions, and/or achieving a sustainable competitive advantage.
From over thirty suggestions from employees, the AI Underwriting Assistant was designed by Lee Ellis, a specialist underwriter in the Rokstone iFarm division. Aventum states that it received many suggestions focused on environmental and AI initiatives targeted at improving claims efficiencies, including an AI-based natural disaster modelling solution.
However, Ellis’ pitch was unanimously chosen as the winner. The assistant is capable of triaging submissions and identifying risk appetite through AI. Ellis will now receive investment to turn his idea into a real product.
David Bearman, Chief Executive Officer of Aventum, commented: “This perfectly highlights what can be achieved when you harness the collective genius of a talented team, and no team is more talented than ours. 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.”
Aventum’s Innovation Lab, a fully funded and resourced division, has already started producing the prototype using LLM technology.
