Howden Re and the UCL School of Management have been awarded £200,000 in government funding for a Knowledge Transfer Partnership (KTP). The partnership, co-funded by Innovate UK and Howden Re, aims to develop AI tools that will transform reinsurance pricing and accumulation methods. This initiative combines academic research with practical industry applications.
The project is notable as it represents the first collaboration of its kind for both organizations. Howden Re is one of four entities expected to secure a KTP this year from about 100 applicants. The project addresses long-standing issues in data transparency, which have caused volatility in underwriting performance. Over 18 months, the partnership will focus on creating a tool to standardize and automate data workflows using Large Language Models (LLMs), Machine Learning (ML), and Cloud technologies.
Dr. Melodie Vanderpuye from Howden Re stated: “We're thrilled to be collaborating with UCL on this AI product, a first of its kind in the reinsurance space.” She emphasized the importance of innovation in dealing with complex risks and improving efficiency.
Dr. Deyu Ming from UCL School of Management commented: “This KTP not only advances the frontier of applied AI research but also shows how academic–industry partnerships can co-create impactful solutions to complex and real-world data challenges in the reinsurance space.”
Professor Steve Yoo added: “This partnership with Howden Re is a great example of how we can apply cutting-edge research to real-world challenges.”
A full-time KTP Associate will be embedded at Howden Re’s London office to lead technical development. Applications for this role are open until July 2, 2025.