Reinsurance News
AI
News and analysis on the use of artificial intelligence (AI) within the insurance and reinsurance industry.
Increasingly, the insurance and reinsurance market is adopting artificial intelligence (AI) to enhance its operations and make them more efficient, as well as in developing innovative new products and operating models for underwriting insurance and reinsurance risks.
Insurance Europe calls for European Commission to scrap AI Liability Directive
8th November 2024
In a bid to prevent legal confusion and the discouraging of innovation, Insurance Europe has urged the European Commission (EC) to withdraw its proposed Artificial Intelligence Liability Directive (AILD). While appreciating the EC’s commitment to promoting compensation for AI-related damages, the federation expresses concerns that the current proposal may lead to ... Read the full article
AI-focused InsurTechs lead funding surge in Q3’24 with $897.4m raised: Gallagher Re
7th November 2024
Gallagher Re, a reinsurance broker, has released its latest InsurTech report, revealing that AI-focused InsurTechs raised $897.4 million across 29 deals in Q3 2024. Eight of the top 10 companies by funding round were centred around artificial intelligence, resulting in an average deal size of $34.9 million for AI-driven InsurTech ventures. The ... Read the full article
We expect a stable 1.4 renewal as demand for re/insurance continues to rise in Japan: Swiss Re’s Dodo
5th November 2024
Global reinsurance giant Swiss Re continues to see increased demand for property insurance and reinsurance protection in Japan amid elevated large natural catastrophe threats and the impact of inflation, and with little sign of a significant influx of capital heading into 2025, the expectation is for a stable April 1st ... Read the full article
Insurers to benefit from Accelerant’s risk management platform as it launches to the public
1st November 2024
Accelerant, a services & data platform for the specialty insurance market, has announced the public launch of app.accelerant.ai, a revolutionary digital platform with enhanced artificial intelligence (AI) capabilities. Insurers and risk capital partners can now harness the same powerful tools to optimise risk management and drive superior underwriting results that Accelerant’s ... Read the full article
Donegal Insurance Group partners with ZestyAI for property risk assessment solution
25th October 2024
Donegal Insurance Group has partnered with ZestyAI, a climate and property risk analytics solutions provider, to utilise its new AI-powered solution to enhance property risk assessment by accurately determining roof age across the US. Through the project, Donegal will utilise ZestyAI’s Roof Age solution to fill in the missing roof age ... Read the full article
BCG reveals 74% of companies face challenges in unlocking AI value
24th October 2024
Boston Consulting Group (BCG), a global management consulting firm, has released new research revealing that after years of investing in artificial intelligence (AI), CEOs are increasingly focused on achieving tangible returns from these technologies. However, realising AI's full potential remains challenging. The report indicates that only 26% of companies have developed ... Read the full article
Qantev raises €30M led by Blossom Capital to drive AI innovation and global growth
23rd October 2024
Qantev, an AI-powered platform transforming the way health and life insurers manage claims, reduce costs, and enhance services, has secured €30 million in a new funding round led by Blossom Capital, a European venture capital firm, with participation from existing investors Elaia, Omnes, and RAISE Venture. With this fresh capital, Qantev ... Read the full article
Property insurers to benefit from Arturo’s newly launched Change Detection technology
15th October 2024
Property intelligence company, Arturo has unveiled a “revolutionary” AI-powered solution for insurers that will enhance property insights and risk management. The new solution, named Change Detection, leverages state-of-the-art AI and geospatial imagery to pinpoint key changes on properties, such as deteriorating roofs or newly built structures. This proactive approach empowers insurers to ... Read the full article
AI the biggest challenge facing digital health and wellness firms: Beazley
26th September 2024
Beazley, the specialist insurer, has revealed AI to be the biggest challenge facing digital health and wellness firms globally as they ramp up its integration into their systems. Beazley's Digital Health & Wellness 2024 report is a survey of 600 industry executives in six countries across Europe, North America and Asia ... Read the full article
Davies adopts Majesco’s AI driven system to predict risks efficiently
20th September 2024
Davies, a professional services and technology specialist, has partnered with Majesco, a global cloud insurance software solutions firm, to provide faster and more efficient loss control and premium audit surveys for clients. This move allows Davies to implement Majesco’s AI-driven Loss Control 360 (LC360) inspection management system, which adapts to evolving ... Read the full article
Akur8’s core platform chosen by LWCC to advance predictive modelling
19th September 2024
Akur8, an insurance pricing solution utilising transparent machine learning, has announced a new partnership with Louisiana Workers' Compensation Corporation (LWCC). As Louisiana’s leading workers' compensation provider, LWCC is committed to excellence throughout the insurance process, from underwriting to long-term care for injured workers. LWCC has chosen Akur8’s Core Platform to build its ... Read the full article
Majesco launches AI ecosystem to enhance insurance solutions with key models
19th September 2024
Majesco, a provider of cloud-based insurance software, has introduced a new AI ecosystem powered by Majesco Copilot, enabling a seamless integration of various industry AI models into Majesco’s solution workflows, starting with a select group of partners. “This new AI ecosystem introduces a rapid approach to integrate via Majesco Copilot with some ... Read the full article
WTW adds real-time Python deployment and governance to its insurance rating solution
18th September 2024
Global insurance broker WTW has expanded its Radar software, an insurance rating solution, to enable real-time execution of Python. Radar's ability to deploy Python in real-time will deliver advantages throughout the insurance process, impacting both personal and commercial lines in areas like pricing, underwriting, and claims. This will empower insurers to harness ... Read the full article
Akur8 raises $120m to fuel its next-gen actuarial platform growth
16th September 2024
Akur8, a machine learning-powered insurance pricing and reserving platform, has secured $120 million in series C funding which will significantly bolster the company’s capacity to broaden its product portfolio and drive its expansion within global markets. With this latest funding round, Akur8 brings its total raised investment to $180 million. Launched in ... Read the full article
Businesses’ preparedness against cyber threats beginning to shrink: Beazley
10th September 2024
Beazley, a specialist insurer, has released its Risk & Resilience report, Spotlight on Cyber & Technology Risk 2024, which explores global business views on cybercrime, tech obsolescence, disruptions, and intellectual property risks amid rapid technological change. Over the past year, the cyber threat landscape has grown more challenging due to the ... Read the full article
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