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.
P&C insurers to play key role around ethical use of AI: Triple-I
10th September 2024
Artificial Intelligence (AI) is anticipated to transfigure how property & casualty (P&C) insurers conduct business, therefore making them positioned to advance the conversation around ethical AI, for businesses worldwide, according to a new study by the Insurance Information Institute (Triple-I), an affiliate of The Institutes, and data and AI firm SAS. According ... Read the full article
IAT Insurance Group to boost claims process with CLARA’s generative AI solution
2nd September 2024
IAT Insurance Group, a specialty property and casualty insurance carrier, has selected CLARA Analytics Claims Document Intelligence Pro (Claims DocIntel Pro) as its newest AI platform to boost its auto and general liability claims process. According to the announcement, Claims DocIntel Pro has been chosen to review legal demands and medical ... Read the full article
US firms see spike in cybersecurity services as data breaches increase: ISG
30th August 2024
Recent analysis by Information Services Group (ISG), a global technology research and advisory firm, suggests that US enterprises are investing strategically in cybersecurity services as data breaches continue to rise. The firm's 2024 ISG Provider Lens Cybersecurity — Solutions and Services report discloses that the most affected industries are healthcare and ... Read the full article
Sompo invests in Palantir’s AI solutions to drive digital transformation
23rd August 2024
Sompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has announced its partnership with Palantir Technologies Inc., a vendor of artificial intelligence (AI) systems. With this initiative, Sompo will leverage Palantir’s data integration and AI solution - which the insurer ... Read the full article
AI usage heightens risk of cyber event aggregation, says Guy Carpenter
21st August 2024
The rapid adoption and evolving deployment of artificial intelligence (AI) in recent years have heightened the risk of cyber event aggregation from both malicious and accidental sources, according to a recent paper by Guy Carpenter. The paper identifies four main ways in which AI development and deployment contribute to this aggregation: ... Read the full article
CLARA Analytics targets insurance claims optimisation
16th August 2024
CLARA Analytics, a provider of artificial intelligence (AI) technology for insurers, has announced the launch of Claims Document Intelligence Pro, a new product designed to revolutionise insurance claims optimisation. The introduction of Claims DocIntel Pro (formerly CLARA Optics), represents ground-breaking advancements with its deeper contextual analysis of legal demands and medical ... Read the full article
96% of underwriters & actuaries say pricing tech needs improvement: hyperexponential
13th August 2024
hyperexponential, a pricing platform for global re/insurers, has observed that while new technology has opened up significant opportunities, issues with the broader ecosystem and outdated systems are hindering innovation and limiting insurers' efficiency, profitability, and collaboration. As per the firm's State of Pricing 2024 report, a massive 96% of underwriters and ... Read the full article
Hiscox launches Google Cloud-backed GenAI underwriting model
12th August 2024
Global specialist insurer Hiscox has gone live with its Google Cloud-backed generative artificial intelligence (AI) underwriting model for sabotage and terrorism insurance quotes. Considered the London insurance market’s first underwriting model of its kind, the model was developed as a proof of concept in December 2023 in collaboration with Google ... Read the full article
Aventum confirms development of AI underwriting assistant
12th August 2024
Aventum, an international insurance and reinsurance group, is investing in the development of an innovative AI Underwriting Assistant, following its inaugural Bear Cave Innovation Challenge. Every member of staff across Aventum was encouraged to pitch ideas for how to drive revenue growth, boost efficiency, improve the workplace, or achieve sustainability advantage. The ... Read the full article
Aon report reveals cyber insurance shortage as AI risks intensify for EMEA companies
12th August 2024
Aon, a global professional services firm, has released its 2024 Intangible versus Tangible Risks Comparison Report, underscoring the need for businesses across Europe, the Middle East, and Africa (EMEA) to reassess their cyber insurance and intellectual property (IP) protection strategies. This addresses the growing risks linked to generative artificial intelligence (Gen ... Read the full article
Janover’s new insurtech platform hits profitability and boosts revenue by 60% in May
7th August 2024
Janover Inc., a provider of AI-powered solutions for commercial real estate transactions, has recently shared an update on its insurtech subsidiary, Janover Insurance Group. Launched in March 2024, Janover Insurance achieved profitability by May 2024. During that period, its monthly recurring revenue increased by more than 60% compared ... Read the full article
At-Bay names AIG’s Ken Riegler as President, At-Bay Insurance
6th August 2024
Cyber insurance provider At-Bay has appointed Ken Riegler as President of At-Bay Insurance and to the Board of Directors of At-Bay Specialty Insurance Company, its Excess & Surplus (E&S) carrier. In this role, Riegler's remit is focused on accelerating At-Bay's growth in E&S insurance and fostering relationships with broker partners and ... Read the full article
TransRe creates Chief AI Officer role, restructures data science team
6th August 2024
Transatlantic Holdings (Trans Re), a wholly owned subsidiary of Alleghany Corporation, has restructured its data science team with two senior appointments as it looks to better support the expansion and adoption of artificial intelligence, machine learning, and large language models. To lead TransRe’s Artificial Intelligence Team (TRAIT), Otakar Hubschmann has been ... Read the full article
Soft ransomware targets, a new top emerging risk for enterprises: Gartner
6th August 2024
Concern about artificial intelligence (AI)-enhanced malicious attacks is once again the top emerging risk for enterprise in the second quarter of 2024, a recent Gartner, Inc.’s survey has revealed. Gartner surveyed 274 senior risk executives and managers during H1 2024 to document and compare emerging risks. Three of the top five most ... Read the full article
Cowbell secures $60m Series C from Zurich for SMEs cybersecurity boost
26th July 2024
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the closure of a $60 million Series C equity round, funded by Zurich Insurance Group (Zurich), a global multi-line insurer. With this $60 million investment, Cowbell plans to enhance its operations to accommodate growing demand, increase its ... Read the full article
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