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.
Conning reveals surge in AI adoption within insurance industry
13th March 2024
According to the recent executive survey conducted by Conning Insurance Research on artificial intelligence (AI) adoption within the insurance industry, 77% of respondents indicated they are in some stage of incorporating AI into their operations. Manu Mazumdar, Director and Head of Data Analytics, Insurance Technology and Retirement at Conning Insurance Research, ... Read the full article
Insurance industry must be proactive as GenAI reshapes cyber landscape: Lloyd’s
12th March 2024
The impact of Generative Artificial Intelligence (GenAI) technology on the cyber landscape is expected to increase the frequency, severity, and diversity of attacks, and as the threats evolve, it's imperative that the insurance industry takes proactive steps, according to Lloyd's. A new report from Lloyd's, the world's oldest insurance and reinsurance ... Read the full article
Parametrix introduces AI monitoring capabilities to manage and mitigate BI risks
7th March 2024
Managing general agent Parametrix, has expanded its capabilities to include real-time monitoring of the availability of Artificial Intelligence (AI) services to enable holistic business interruption insurance for the digital supply chain. Thanks to its expanded capabilities, Parametrix can now monitor AI platforms such as OpenAI’s ChatGPT, Google Gemini, Claud, and others, ... Read the full article
ABI launches guide to help firms in the insurance industry use AI responsibly
4th March 2024
The Association of British Insurers (ABI) has launched a new guide to help insurance firms use artificial intelligence (AI) responsibly. The guide, which focuses on the best interests of consumers, sets out how those working in the insurance and long-term savings industry can put into practice the UK government’s five principles ... Read the full article
Risks in regards to data privacy could be exacerbated by the widespread adoption of AI: GILC
1st March 2024
Insurers are said to be facing a "significant risk" with regards to data privacy, which could be aggravated further by the widespread adoption of artificial intelligence (AI). However, the processing of extensive quantities of personal, and quite often, sensitive data will mean that insurers need to have robust procedures to ensure ... Read the full article
Montoux launches Model Copilot to enhance documentation and governance
29th February 2024
Montoux, a provider of AI and actuarial modelling technology has launched Model Copilot, a generative AI copilot designed specifically for actuaries to transform actuarial work by automating the most time-consuming aspects of model documentation and governance. The copilot has a suite of features aimed at tackling the complexities of model documentation ... Read the full article
FWD Group extends Microsoft partnership on AI and cloud
28th February 2024
FWD Group, a pan-Asian life insurance business, has announced it is extending its partnership with Microsoft to provide access to the latest generative artificial intelligence (AI) innovations, while continuing to support FWD's cloud-first technology strategy. Through the four-year agreement, FWD Group plans to drive its generative AI initiatives - a journey ... Read the full article
SCOR Korea partners with Lydia AI to enhance VUS and future risks
22nd February 2024
Global reinsurer SCOR's South Korean branch has strategically partnered with Lydia AI, a health AI start-up, to augment SCOR's Virtual Underwriting Solution (VUS) with point-of-underwriting predictive health analytics to create holistic end-to-end underwriting solutions. Rho Donghyun, Chief Executive Officer, SCOR Korea, commented, "Health and life insurers are challenged by the aging ... Read the full article
Insureds need to be aware of potential insurance gaps when using AI: Munich Re
19th February 2024
Global reinsurance giant Munich Re has highlighted how AI exposures within traditional insurance policies possess the ability to become a significant unexpected risk to insurers’ portfolios. This comes as the industry evaluates how to transfer capabilities in insuring traditional machine learning models to generative AI (GenAI) applications. A recent whitepaper released by ... Read the full article
AI’s potential impact on the re/insurance industry: Gallagher Re
15th February 2024
Gallagher Re, a reinsurance broker, highlights AI as a major focus of the InsurTech narrative in 2023, marking a turning point where AI gained serious traction in the re/insurance industry. According to data from Google, there has been exponential growth in AI interest across all industries since early 2023, peaking later ... Read the full article
Vouch launches novel insurance product to help AI startups innovate faster
12th February 2024
Vouch, a US-based provider of business insurance, has unveiled AI Insurance, a novel insurance product that helps artificial intelligence (AI) startups survive lawsuits and innovate faster. According to the firm, AI Insurance offers coverage for financial losses from AI products or services, which includes top-of-mind risks like large language model (LLM) hallucinations, ... Read the full article
Verisk launches generative AI feature in Discovery Navigator
9th February 2024
Verisk, a global data analytics and technology provider, has introduced an automated generative artificial intelligence (generative AI) record summary capability in its Discovery Navigator platform. Aimed at property and casualty claims professionals, this feature is set to revolutionise the medical record review process. Discovery Navigator has already established itself as a game-changer, ... Read the full article
There must be a significant focus on generative AI testing: Xceedance
1st February 2024
Xceedance, a global provider of strategic operations support, technology, and data services for insurance organisations, has said that there must be a "significant focus" on generative AI (Gen AI) testing, due to many insurers receiving great results from machine learning, automating tasks in claims and underwriting. However, the company warns, that ... Read the full article
SecuRisk ensures the availability of reliable data for risk assessment & pricing: WRMS
29th January 2024
In April 2023, Weather Risk Management Services (WRMS), the agriculture and climate risk management firm, launched SecuRisk, a digital-first global parametric insurance marketplace, that aims to address the gaps and challenges in emerging economies regarding insurance coverage. During a recent interview with Reinsurance News, Anuj Kumbhat, Co-Founder & CEO of ... Read the full article
62% of US insurers willing to take more investment risk in 2024: Conning survey
29th January 2024
62% of US insurers have said that they are willing to take more investment risk in 2024, even with concerns rising in regards to election year politics, fiscal/monetary policy, persistent inflation and volatility, according to a recent survey sponsored by insurance asset management firm Conning. According to the survey, risk expectations ... Read the full article
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