Aventum confirms development of AI underwriting assistant
- June 4, 2025
- Posted by: Saumya Jain
- Category: Insurance
Aventum, an international insurance and reinsurance group, is investing in the development of an innovative AI Underwriting Assistant, following its inaugural Bear Cave Innovation Challenge.
Every member of staff across Aventum was encouraged to pitch ideas for how to drive revenue growth, boost efficiency, improve the workplace, or achieve sustainability advantage.
The challenge saw employees from across the business suggest 30 different innovations to drive the business forward.
The AI underwriting assistant is the brainchild of Lee Ellis, a specialist underwriter in the Rokstone iFarm division.
Aventum says that it received several ideas on environmental and AI initiatives aimed at improving claims efficiencies, including an AI-based natural catastrophe modelling solution.
But Ellis’ pitch for an AI underwriting assistant capable of triaging submissions and identifying risk appetite was unanimously selected as the winner.
Ellis will receive investment and support to turn his idea into reality.
David Bearman, Chief Executive Officer, 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 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 with 12 full-time staff members, has already begun work on the prototype which uses large language models.
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