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.
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
US insurers willing to take more investment risk in 2024 despite concerns: Conning
26th January 2024
Over half of US insurers are willing to embrace more portfolio risk in 2024 and to welcome artificial intelligence tools in the investment process, according to a recent survey by insurance asset management firm Conning. The survey was completed by 300 investment decision makers at US insurance companies in November 2023. It ... Read the full article
FRISS partners with research initiative FIN-X to advance responsible AI in insurance
24th January 2024
FRISS, an AI-powered fraud and risk solution provider for P&C insurers, has partnered with FIN-X, a research initiative by the University of Applied Science Utrecht that focuses on innovative technologies and responsible artificial intelligence (AI). According to FRISS, this partnership underscores the company’s commitment to further advancing responsible AI practices within ... Read the full article
Applying NLPs for managing bordereaux brings efficiency and accuracy: AM Specialty
19th January 2024
As technology continues to develop, the re/insurance sector continues to adapt and apply various methods into their systems to change the way how certain tasks are completed, ultimately allowing for automation and saving valuable time that can be used for future tasks. Artificial intelligence (AI) remains a heavy topic in the ... Read the full article
Long-term business viability concern up amid tech and climate pressures: PwC
18th January 2024
According to PwC’s 27th Annual Global CEO Survey, the proportion of CEOs concerned about their long-term business viability has risen to 45% as tech and climate pressures accelerate. PwC's survey reportedly interviewed 4,702 CEOs across 105 countries and territories. One of the key takeaways from the study was that 38% of CEOs ... Read the full article
Regulatory challenges across energy, AI, and gaming industries: Clyde & Co
16th January 2024
Global law firm Clyde & Co has released its market predictions for the insurance industry in 2024, outlining key developments and challenges expected to shape the sector in the coming year. The firm's insights cover a range of issues, from the impact of AI on insurance to the opportunities and hurdles ... Read the full article
Mark Kollar Consulting & Understudy Insurance launch AI powered joint venture
16th January 2024
Mark Kollar Consulting Group and Understudy Insurance Services have launched a joint venture in Renewal Book Solutions, LLC, an artificial intelligence-backed renewal book marketplace. With the technology offered through Renewal Book Solutions, teams can utilize the power of AI to manage business more effectively and scale for future growth, say the ... Read the full article
Underwriters concerned about ransomware and supply-chain attacks: Woodruff Sawyer
12th January 2024
The cyber insurance market witnessed a major shift between 2022 and 2023, with a combination of positive trends and facts ultimately creating a soft cyber insurance market, which included higher pricing after a two-year hard market, reduced claim experience due to a lull in ransomware throughout 2022, and improved cybersecurity ... Read the full article
LIIBA unveils ambitious 2024 plans focused on politics, AI, and face-to-face trading
12th January 2024
The London and International Insurance Brokers' Association (LIIBA) has released its 2024 plans, outlining strategic priorities that include navigating the political landscape, harnessing artificial intelligence (AI) impacts on trading systems, and furthering the #BackToEC3 campaign for a return to face-to-face trading. A major highlight of the agenda is LIIBA's commitment to ... Read the full article
LCP highlights how CROs will help insurers navigate the changing risk landscape
10th January 2024
The risk landscape is said to be evolving in response to developments being seen within major areas such as, artificial intelligence (AI), climate change, geopolitics, and more, according to research published by analytics and consulting firm, Lane Clark & Peacock LLP (LCP). However, LCP stated that general insurance Chief Risk Officers ... Read the full article
EAIC adds five new members to drive responsible use of AI in insurance
29th December 2023
The Ethical AI in Insurance Consortium (EAIC), a collaborative platform dedicated to promoting responsible and ethical adoption of artificial intelligence (AI) across the insurance sector, has added five new members to help advance responsible use of AI across the industry. Joining the EAIC are: MS Transverse Insurance Group, the Pennsylvania Compensation ... Read the full article
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