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.
CAPE to enhance AI-powered property intelligence products with Vexcel partnership
21st June 2024
CAPE Analytics, a provider of AI-powered property insights, has partnered with Vexcel, a provider of aerial imaging, to increase its coverage to over 99% of US households and adds access to post-disaster imagery. The new partnership provides CAPE with aerial imagery at a resolution, accuracy, coverage, and recency to boost its ... Read the full article
ISC introduces New Marine Division with seasoned industry experts
21st June 2024
Integrated Specialty Coverages (ISC), a programme administrator based in Carlsbad, California, specialising in creating comprehensive insurance solutions using advanced artificial intelligence (AI) and data analytics, has recently introduced its new Marine Division. This division is led by experienced industry professional Kevin Wolfe, along with John Kiernan and Marquam “Marq” Wolfe. Matt Grossberg, ... Read the full article
Aon sells intellectual property platform assets to Moat Metrics
20th June 2024
Global re/insurance broker Aon has sold technology and intellectual property (IP) assets to Moat Metrics Inc., a Washington-based company that delivers AI driven business and research intelligence. Lee, founder and CEO of Moat Metrics, said: “We are grateful for our time at Aon as IP Solutions became a leading provider of ... Read the full article
ZestyAI partners with Duck Creek for property and climate risk analytics
20th June 2024
ZestyAI, a provider of AI-driven climate and property risk analytics solutions, has announced a strategic partnership with Duck Creek Technologies, a provider of core systems for property and casualty (P&C) insurance. This collaboration positions ZestyAI as a Solution partner within Duck Creek’s ecosystem, enabling property and casualty insurers to utilise advanced ... Read the full article
Companies are facing ‘polycrisis’ of risk, reports Clyde & Co
19th June 2024
Clyde & Co, a law firm that specialises in insurance, trade, and aviation, reports that 67 percent of leaders surveyed find the risk landscape significantly more complex than it was three years ago during the COVID-19 crisis. Complicated and often contradictory global regulatory risks are major obstacles to corporate growth. The ... Read the full article
Earnix announces collaboration with Verisk ERC solution
14th June 2024
Earnix, a provider of AI-based SaaS solutions for financial services, has announced a strategic partnership with Verisk, a data analytics and technology provider. This collaboration will allow Earnix to incorporate Verisk's ISO Electronic Rating Content (ERC) into its pricing and rating platform. The integration aims to enhance accuracy, speed up delivery ... Read the full article
Swiss Re & Appian expand partnership for underwriting workbench in EMEA & Asia
13th June 2024
In partnership with reinsurer Swiss Re, Appian, a technology company known for its software solutions, is expanding its Connected Underwriting Life Workbench solution into select countries across Asia Pacific, Europe, the Middle East, and Africa (EMEA). Integrated with Swiss Re's automated life insurance underwriting solution, Magnum, the Appian Connected Underwriting Life ... Read the full article
WindBorne secures $15m to improve weather forecasting & mitigate losses
13th June 2024
WindBorne Systems secures $15 million in Series A funding to expand its balloon constellation AI weather modelling, aimed at mitigating weather-related losses. With extreme weather events on the rise, the World Economic Forum (WEF) has identified them as the biggest risk to businesses in the coming decade. Forecasting inaccuracies exacerbate the ... Read the full article
Business owners worried insurance would not cover specific loss or event: Gallagher
12th June 2024
Business owners are focusing on preparing for the unforeseeable as they worry their business insurance will not cover specific losses, a recent study by insurance broker Gallagher has found. A survey was conducted among 1,000 US business owners which revealed that 80% of the participants are worried their business insurance will ... Read the full article
UK insurers urged to optimise AI for enhanced customer experience: Altus Consulting
30th May 2024
Digital processes are increasingly integrated into the insurance customer journey, with more than half of leading UK insurers implementing AI chatbots to streamline customer operations, according to Altus Consulting’s ‘Digital Bar’ report. The report also reveals that over 98% of insurers offer the ability to purchase their products through digital channels. Despite ... Read the full article
Synthetic data key to future success in London specialty insurance: Earnix
28th May 2024
Earnix, a provider of AI-based SaaS solutions, highlights the crucial role synthetic data will play in the future success of the specialty London insurance market in a recent report. According to Gartner, the use of synthetic data in commercial applications is just beginning to gain traction, accounting for only 1% of ... Read the full article
Marsh McLennan launches AI-powered solution to enhance supply chain risk management
28th May 2024
Marsh McLennan, a global re/insurance broker, has launched Sentrisk, an AI-powered platform with integrated advisory services that aims to redesign the way businesses manage global supply chain risk. Sentrisk enables clients to map supply chains comprehensively, identify gaps, and build resiliency under threat from increasing geopolitical tensions, food production and logistics ... Read the full article
Vital role of re/insurance in mitigating AI risks in health sector: Swiss Re
28th May 2024
In response to Swiss Re Institute’s recent report revealing the health sector's increased vulnerability to AI-related threats, Pravina Ladva, Group Chief Digital & Technology Officer at Swiss Re, highlights the critical role of re/insurance in mitigating these risks and fostering the digital trust essential for maximising the benefits of emerging ... Read the full article
Cover Genius secures $80m in Series E Funding
16th May 2024
Cover Genius, an insurtech specialising in embedded protection, announced today the successful completion of its Series E funding round, securing $80 million. Despite the recent slowdown in tech funding, Spark Capital led the round, joined by existing investors Dawn Capital, King River Capital, and G Squared. This funding marks another milestone for ... Read the full article
UK customers’ view of insurance industry shifts with claims: Guidewire
15th May 2024
The latest edition of Guidewire's annual insurance customer attitudes study reveals a shifting view among UK customers toward the insurance industry, particularly when it comes to making claims. Titled ‘The Insurance Engagement Gap and its Impact on Perception and Innovation’, the report focuses on how factors such as the cost-of-living crisis, ... Read the full article
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