Technology and artificial intelligence are transforming insurance, but success still depends on people. QRG Chief Operating Officer Lance Grant is navigating that balance, harnessing innovation without losing sight of the human expertise that remains central to the business.
While the buzz around AI is everywhere, actual adoption is still in the early stages. “It’s about knowing what it is that you want from AI,” he says. “At the moment, everyone is very much in the dipping-your-toes-in-the-water phase.
He points to statistics showing that fewer than 15% of insurers have meaningfully integrated AI into underwriting, while roughly half are still experimenting. “And two-thirds of the industry haven’t touched it at all in relation to both claims and underwriting.”
In other words, for all the talk of disruption, most of the industry is still figuring out where AI can fit. That’s where innovation hubs like the Lloyd’s Lab play an important role. “You need arenas where people can test ideas, and the Lloyd’s Lab is a great example of that,” says Grant.
Established in 2018 by Lloyd’s of London, the Lab functions as a kind of real-world workshop where startups and seasoned industry players collaborate to prototype and refine new technologies, from data analytics and AI to blockchain systems.
“You get to share your experiences with others and you develop ‘use cases’,” Grant explains.
That means tangible demonstrations of how technology can solve real underwriting and claims challenges: speeding up risk assessments, improving pricing accuracy, detecting fraud or enabling brokers to give clients more tailored solutions.
QRG’s size and structure mean that it is well placed to turn such ideas into action. “We also have no painful governance layers that we have to carve through to get things agreed,” Grant says. In an industry where decision-making can be notoriously slow, that agility creates room for experimentation.
It’s also allowing QRG to think beyond its core business. The company is currently developing a technology solution that could, in time, stand on its own as a separate entity, creating a new income stream for the broker while serving external clients. It’s an ambitious step that speaks to how QRG sees the future: tech-enabled, yes, but grounded in smart commercial strategy.
Even as technology opens new opportunities, it also brings challenges for the workforce. Grant is clear-eyed about the trade-offs: “When people talk about how AI is going to take away jobs, they are right – it will,” he says. “But then it also creates other jobs because we are changing the way in which we work.”
That shift demands foresight – not just in technology, but in talent. “QRG has to be smart here and we have to understand how we can play in this new market and attract the top talent.”
He acknowledges, however, that the industry faces a perception problem. “It’s a shame that it’s still an industry that doesn’t seem to be particularly sexy to people. There are more over-fifties than there are under-thirties,” he says. “That’s something we have to think about because when guys like me go, there may be a substantial knowledge gap that won’t be easily filled.”
Without new entrants, decades of industry wisdom could be lost. After all, he notes, insurance has always been built on relationships, on people passing down insight, instinct and hard-won lessons. “I’ve been a lucky guy to have worked with so many talented people. And the only reason I can do half the things I can do is because they were kind enough to show me how. Every day, I draw from something I learned from them.”
In a world increasingly shaped by algorithms and automation, that human connection – between mentors and mentees, colleagues and clients – may still be the most powerful form of intelligence.