InsuranceERM's judges lavished praise on LCP's actuarial and analytics platform, InsurSight, for the way it has successfully integrated machine learning into the reserving process.

Clients using the tool have seen machine learning really helping and becoming embedded in their reserving processes, according to LCP. The consultancy says this is delivered in a cloud-native reserving platform, which transforms the speed and scale of analysis that insurers can perform.

The judges commended InsurSight's ability to help users find the information that matters. LCP says the platform's deep reserving functionality and advanced diagnostics also make it easy to fine-tune and justify selections.

Another reason why the tool stood out in the competitive field of analytics solutions is its excellent client feedback. The fact that LCP InsurSight is licensed by major London market and UK personal lines insurers, and is currently being used to assess over £100bn ($121bn) of reserves is another positive factor.

A spokesperson for LCP says machine learning is already improving key areas across the whole insurance process, such as customer engagement and fraud detection.

"We expect this trend to continue as both the technologies themselves improve, and the knowledge of how to get best value from machine learning increases too."

In underwriting, for example, LCP's spokesperson says over the long-term machine learning will help to automate decisions on which risks to underwrite and setting the price to quote.

LCP launched an updated version of InsurSight last year and the consultancy's spokesperson says LCP is "really excited to be working with our clients on the next version of InsurSight".

"We're able to respond quickly to our insurers' needs as we have a diverse team with deep skills across actuarial, data science, software development and cloud computing," comments the spokesperson.