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.
Aon reports persisting protection gap for intangible assets
15th May 2024
Aon, a global insurance and reinsurance broker, highlights that a significant protection gap persists for intangible assets such as artificial intelligence (AI), cyber, and intellectual property (IP). According to findings from Aon’s recent report, only 19% of intangible assets are insured, whereas its 60% for tangible assets. However, the likelihood of ... Read the full article
Responsible use of AI critical to consumer trust: Swiss Re’s Levy
14th May 2024
As the insurance market and its customers realise the potential of artificial intelligence (AI), it is yet not very clear how to apply the technology in a way that delivers enhanced engagement, and in turn, sales, Swiss Re’s Daniel Levy has stated. Principal Risk Consultant Levy has recently explored how insurers ... Read the full article
Paragon Insurance expands use of Kalepa’s AI-powered underwriting platform
13th May 2024
Multi-line specialty Managing General Agency (MGA), Paragon Insurance Holdings LLC has expanded its use of Kalepa's AI-powered Copilot underwriting platform to four additional programs. Kalepa’s Copilot will now support Paragon’s underwriters across Workers' Compensation, Specialty Property, Small Construction and Contractors, and Auto Dealers programs to achieve underwriting excellence through improved efficiency, ... Read the full article
Synthetik successfully demonstrates its advanced flood analysis tool
13th May 2024
Synthetik has announced the successful demonstration of Flowcore, its "Flood Data Collection and Analysis" platform designed for modelling flood scenarios and predicting resulting damages and financial/insurance losses. Flowcore integrates Synthetik's specialised GPU-accelerated flood simulation code and employs artificial intelligence (AI) to deliver rapid results. This capability enables the assessment of cumulative ... Read the full article
Broker Insights launches AI-enabled tool for insurers to help win new business
10th May 2024
Data analytics and market insight platform, Broker Insights, has launched Propensity Lens, which aims to improve efficiency for insurers by helping them to predict the possibility of winning business. Propensity Lens is an addition to Broker Insights’ platform Vision Decision Intelligence, which includes data from over one-third of the UK commercial ... Read the full article
AI has a crucial role for underwriters despite risks: Denninger, Capgemini
9th May 2024
In a recent interview with Reinsurance News, Adam Denninger, Global Insurance Industry Leader at Capgemini, emphasised the critical role of AI integration in underwriting practices, while acknowledging insurers' likely cautious approach due to various challenges and risks. Denninger asserts that adopting AI technology is essential for property and casualty (P&C) insurers ... Read the full article
Consumer Watchdog opposes proposal for black-box models in wildfire risk prediction
1st May 2024
Consumer Watchdog opposes Californian Insurance Commissioner Ricardo Lara's proposal to allow insurance companies to use black-box catastrophe models and artificial intelligence (AI) for predicting catastrophic wildfire risks, citing concerns that this approach will increase home insurance rates without transparency or accountability. These concerns were voiced during Consumer Watchdog's testimony at the ... Read the full article
Technology is key amid a volatile market, regulatory and accounting changes: Clearwater’s Wenzhe Sheng
30th April 2024
As Clearwater Analytics works towards revolutionising the world of investing, we spoke with Senior Product Manager for EMEA Prudential Regulations, Wenzhe Sheng, about regulatory and technology trends in the insurance industry amid a volatile investment market environment. Founded in 2004, Clearwater Analytics is a SaaS, full lifecycle investment management solution which ... Read the full article
Sayata launches AI-powered risk engine to broaden carrier appetites while protecting loss ratios
29th April 2024
Sayata, a marketplace for insurance brokers and carriers, aims to revolutionise small commercial insurance underwriting with the launch of the Sayata Risk Engine, an AI-powered platform. This new proprietary risk assessment solution is to transform how insurance carriers and MGAs assess and underwrite risk, according to Sayata. It uses sophisticated artificial intelligence ... Read the full article
Swiss Re enhances Life Guide with AI underwriting assistant
22nd April 2024
Swiss Re has introduced an upgraded version of Life Guide, now featuring Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant aimed at enhancing efficiency and quality in underwriting. Life Guide, Swiss Re’s manual for Life & Health (L&H) underwriting, serves to provide clients with insights into current and future ... Read the full article
P&C underwriters sceptical of AI despite trailblazer benefits: Capgemini
19th April 2024
Findings from the recent report by the Capgemini Research Institute highlight that although 62% of insurance executives recognize the positive impact of AI/ML on underwriting quality and fraud reduction, many P&C underwriters remain sceptical about automated recommendations from predictive analytics tools. The report underscores the increasing demands from policyholders for affordability, ... Read the full article
Almost 60% do not treat AI ethical risks separately: Airmic survey
11th April 2024
Nearly 60% of organisations are not treating ethical risks related to artificial intelligence (AI) separately from other ethical concerns, according to a recent survey conducted by Airmic, a UK association for risk and insurance professionals. In another poll asking whether these organisations believe AI's ethical risks should be treated separately, respondents ... Read the full article
Sayata launches AI-powered platform for enhanced risk assessment
11th April 2024
Sayata, a marketplace for insurance brokers and carriers, has recently launched the Sayata Risk Engine: an AI-powered platform designed to revolutionise risk assessment and underwriting for insurance carriers and MGAs. Asaf Lifshitz, Co-Founder and CEO of Sayata, underscores the collaborative effort behind the Risk Engine's development, stating, "Our team of experts ... Read the full article
SCOR to use DGTAL’s AI-powered platform DRILLER for disability claims assessment
27th March 2024
The German operations of global reinsurer SCOR has partnered with DGTAL, to launch a pilot using the DRILLER platform and its claims assessment function for the assessment of disability claims starting in April 2024. An AI-powered portfolio tool, DRILLER was designed to develop and display a contextual understanding across a wide ... Read the full article
Increasing demand for audit coverage of AI-related risks
25th March 2024
According to a survey conducted by Gartner, the rapid growth and usage of generative artificial intelligence (GenAI) has led to a significant surge in the demand for comprehensive audit coverage of AI-related risks. In August 2023, Gartner surveyed 102 chief audit executives (CAEs) to assess the importance of providing assurance across ... Read the full article
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