AI is no longer a future-facing concept in insurance. Increasingly, it is becoming a practical business tool that helps insurers make better decisions, respond more quickly, and protect the integrity of the claims process.
At King Price Insurance, enterprise AI (EAI) has moved beyond experimentation and into day-to-day operations. Over the past two years, the insurer’s EAI division has deployed a growing suite of AI-powered capabilities across the claims value chain, helping to accelerate turnaround times, strengthen fraud detection, and improve the overall claims experience.
David Diamond, EAI team lead at King Price, says that their approach has always been focused on solving real business challenges rather than adopting technology for its own sake.
“AI is most valuable when it addresses specific operational problems,” says Diamond. “Our focus is on using it to make claims processing faster, fraud prevention smarter, and decision-making more consistent.”
Today, every personal lines claim at King Price is supported by AI in some form. The insurer has developed a range of proprietary models that analyse information across multiple data sources, identifying patterns, assessing risk, and highlighting anomalies that may otherwise go unnoticed.
One of the most significant advances has been the introduction of an AI-driven claims risk engine that determines how claims should be handled. This has enabled the insurer to automatically approve a substantial proportion of routine claims, significantly reducing processing times for qualifying cases.
The impact is measurable. King Price reports that turnaround times for automatically approved claims have been reduced by 50%, allowing clients to receive outcomes more quickly while ensuring that more complex claims continue to receive the attention they require.
Behind the scenes, AI is also helping to streamline administrative processes. Diamond’s team has rebuilt the insurer’s optical character recognition (OCR) capability from the ground up, improving its ability to interpret and process emails, forms, and supporting documentation. The new architecture has also expanded the number of automation use-cases available to the claims team, reducing manual tasks and helping information move through the system more efficiently.
Fraud detection is another area where AI is delivering tangible benefits.
Insurance fraud is becoming increasingly sophisticated, often involving organised groups that exploit gaps in traditional detection methods. To address this challenge, King Price has developed specialised fraud detection models tailored to the different asset classes.
These systems analyse large volumes of data to identify unusual patterns and relationships that may indicate fraudulent activity. According to the insurer, the technology has already helped uncover previously undetected syndicate behaviour.
Additional safeguards have also been introduced through AI-powered voice identification technology, which can identify patterns across interactions and flag potential cases of identity misrepresentation.
The company is now exploring emerging technologies such as deepfake image detection, reflecting a broader recognition that fraud risks are evolving alongside advances in digital content creation.
For Diamond, the future of AI in insurance lies in combining speed with trust: “Clients expect claims to be resolved quickly, but they also expect insurers to protect their insurance pool from infiltration. The real opportunity with AI is that it allows us to improve both. We can process straightforward claims faster while strengthening the controls that protect the integrity of the claims process.”
As insurers continue to explore the possibilities of AI, King Price’s experience demonstrates how targeted, business-focused applications can deliver meaningful results across both operational performance and client experience.