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.
Generative AI will enable the re/insurance sector to become larger and more impactful: Cytora CEO
27th December 2023
As artificial intelligence (AI) continues to expand and widen across the industry, there has always been a growing concern surrounding how the technology may impact jobs within sectors, however, according to Richard Hartley, the CEO and Co-founder of Cytora, the technology should wind up creating more jobs across the industry. During ... Read the full article
AI to play a significant role in both cybersecurity and insurance: Cowbell’s Gupta
27th December 2023
As more organisations continue to apply and use artificial intelligence (AI) within their systems, the technology is expected to play "a crucial role in enhancing both efficacy and efficiency in addressing new challenges," says Rajeev Gupta, Co-founder and Chief Product Officer, Cowbell. Gupta explains that Cowbell anticipates witnessing more automation in ... Read the full article
Hiscox & Google Cloud create first AI-enhanced lead underwriting model for the London Market
12th December 2023
Specialist global insurer Hiscox has collaborated with Google Cloud to create the first AI-enhanced lead underwriting model in the London Market insurance industry. According to the announcement, the collaboration combines Hiscox London Market’s recently built technology platform - Hiscox AI Laboratories (Hailo), with Google Cloud’s generative AI technology to ... Read the full article
GenAI deployment imminent, though scepticism remains: EY
12th December 2023
Despite 99% of financial services leaders in a recent EY survey reporting that their organisations were deploying Generative AI (GenAI) in some manner, over one in five respondents said they are nervous or sceptical about the potential impact of the tech, with insurance ranking highest in this category. EY's 2023 Financial ... Read the full article
Applying GenAI can improve loss ratios and interaction across the market: Planck’s Tsur
8th December 2023
As GenerativeAI (GenAI) continues to expand across the insurance and reinsurance sector, Elad Tsur, Co-Founder and CEO of Planck, explained during a recent interview with Reinsurance News how the technology can play a key advantage in helping to reduce loss ratios and bring more competitive rates to end customers. In terms ... Read the full article
Miller launches AI Digital Assistant for employees
8th December 2023
Specialist re/insurance broker Miller has launched a new artificial intelligence (AI) tool, MillerMo, based on technologies from Microsoft and OpenAI. It was designed to enable Miller employees - more than 800 people across its UK and international operations - to automate administrative tasks, allowing them to focus on the core elements of ... Read the full article
NAIC members approve model bulletin on use of AI across the industry
8th December 2023
The National Association of Insurance Commissioners (NAIC) membership has voted to adopt the Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers during the 2023 Fall National Meeting. "This initiative represents a collaborative effort to set clear expectations for state Departments of Insurance regarding the utilization of AI by insurance companies, ... Read the full article
There are ways of reducing part of the protection gap, but at a better price: EY
6th December 2023
With the protection gap affecting the industry at an accelerated rate, organisations are seeing increased risk exposure, an impact on pricing and reinsurance, as well as challenges to the industry's long-term sustainability. Reinsurance News recently spoke to EY’s Global Insurance Leader, Isabelle Santenac, about what actions both insurers and reinsurers need ... Read the full article
Insurers remain cautious about adopting AI for customer-facing activities: EY
6th December 2023
It should not come as a surprise that insurers are remaining somewhat cautious about adopting AI for customer-facing activities, especially given the lack of regulatory clarity. However, the opportunities to use AI technology to differentiate the value proposition and enrich customer experiences cannot be overlooked, according to EY. The company states that ... Read the full article
Insurity’s AI solutions revolutionise policyholder experience, slashing support time by 75%
4th December 2023
Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, announced that insurers leveraging Insurity’s AI have reported an astounding 75% reduction in average support time. Insurity's cloud-native AI solutions, strategically designed for the unique needs of P&C insurance, have garnered attention for their transformative impact on ... Read the full article
AI is a journey, finding success does not happen quickly: Pasquarelli, OECD One AI Group
29th November 2023
Speaking recently at the Geneva Association’s 50th Summit in Zurich, Switzerland, Walter Pasquarelli, OECD One AI Group of Experts, explained how artificial intelligence (AI) can effectively be applied into businesses, as well as the steps that organisations should be making. He explained that it is important for companies to align the ... Read the full article
MAPFRE and Cyberwrite partner to promote cyber protection for SMEs with AI
29th November 2023
MAPFRE and technology provider Cyberwrite have joined forces to help the insurer's clients reduce the risk of cyber-attacks with AI. The Spanish firm explained that Cyberwrite will provide it with a cyber insurance risk platform for SME companies, with the aim of having a more accurate knowledge of the risk at ... Read the full article
MAPFRE’s Huertas calls to legislate on the ethical risk of AI
28th November 2023
Speaking at the Geneva Association Summit 50, MAPFRE’s Chairman and CEO, Antonio Huertas explained that the industry "must legislate on the ethical risk of AI", emphasizing that this must be done judiciously. He explained that "on a global stage, Europe has to strike the balance between necessary regulation and stifling competitive ... Read the full article
AM Best panel explores how GenAI & ChatGPT are reshaping the insurance industry
28th November 2023
A recent panel hosted by AM Best, that included insurance and technology experts, examined how Generative AI and ChatGPT technologies will play a key role in driving the customer experience across the industry. The panel featured, Arun Balakrishnan, Chairman & CEO of Xceedance, Ray A. Mirza SVP of Berkshire (BHSI), and ... Read the full article
Insurwave acquires specialty insurance AI tech from EY
28th November 2023
London-based insurtech platform Insurwave has acquired AI technology designed for the specialty insurance market from EY. According to Insurwave, the AI technology has been integrated into its existing platform, which focuses on providing insurers, risk managers, and brokers with a real-time view of data including live asset tracking and aggregate exposure ... Read the full article
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