Artificial Intelligence (AI): friend or foe? For chartered surveyors, it’s an increasingly relevant issue, as machine learning starts to gain traction. As we have already seen with the growing use of automated valuation models (AVMs), innovative “smart” technologies have the potential to shape the way the sector operates, but AVMs could be just the tip of the iceberg.
So in what new ways could artificial intelligence (AI) be deployed in the chartered surveying space and should this be cause for excitement or concern among the profession? What impact might this have on customer relationships and could it increase or reduce insurance liability risks?
This briefing provides insights from experts in the property and AI sectors, together with an insurance perspective from JLT Specialty to debate these issues.
The following key takeaway points, from the JLT/Commercial Risk Europe roundtable, sum up the key risk issues and responses required by the FCA on loss prevention and risk management:
Documents such as valuation reports or management reports could be standardised and populated using AI, benefitting from economies of scale.
DATA EXTRACTION AND ANALYSIS
Computers that can “read” documents such as leases or title reports and extract relevant information, can help reduce the man-hours spent on such routine work and help build valuable databases.
MONITORING, REPORTING AND DUE DILIGENCE
In the same way, AI could also be transformative for management companies’ ability to monitor and report effectively and to carry out proper due diligence, as they deal with a huge variety of schedules and documents including leases, tenancy agreements, invoices and management reports.
TREND ANALYSIS AND FORECASTING
As AI becomes more sophisticated, the better able it should be at sifting data down to a very granular level so that very specific trends and patterns can be pinpointed or more reliable forecasts or benchmarks can be created and submitted to more robust stress-testing.
PREDICTIVE MODELLING AND DIAGNOSIS
Taking this a step further, AI could be used in a predictive or diagnostic capacity, to detect problems early and prevent or contain them before they escalate, helping surveyors pinpoint important areas to focus on and bring their skills to bear in a more targeted and productive way.
TALK TO AN EXPERT
For further information, please contact Stuart Mangion, Partner, JLT Specialty on +44 (0)20 7558 3544