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.
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
Too early to name AI as the leading cause for job losses across the industry: AM Best
27th November 2023
With artificial intelligence (AI) continuing to make an impact across the industry, by transforming the insurance underwriting process, and the value chain by boosting efficiency and improving accuracy, the technology is also creating potential for insurers to further improve productivity and minimize, if not actually eliminate, human touch points, according ... Read the full article
Marsh McLennan and Oliver Wyman launch Generative AI tool, LenAI
22nd November 2023
Global professional services firm Marsh McLennan, along with its renowned management consulting business, Oliver Wyman, has unveiled a cutting-edge Generative AI tool named LenAI. Developed by Marsh McLennan’s Dublin Innovation Center in collaboration with Oliver Wyman Digital, LenAI is poised to revolutionise the work experience for the company's 85,000 colleagues worldwide, ... Read the full article
73% of UK insurance execs expect generative AI to take their jobs: FintechOS
22nd November 2023
73% of UK insurance executives anticipate that Generative AI (GAI) will eventually take their jobs, according to a new study launched by FintechOS. The firm's new study, ‘Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry’, unveils a host of varied opinions among UK insurance companies on the expectations, implementation, ... Read the full article
Generative AI expected to impact many different insurance lines: Aon
22nd November 2023
The insurance market’s overall understanding of generative AI-related risk is still within it's early stages, but this developing form of the technology is expected to impact many different lines within the sector, such as Technology Errors and Omissions / Cyber, Professional Liability, Media Liability, Employment Practices Liability, and more, reports ... Read the full article
AI to reignite global M&A market in 2024, says WTW
21st November 2023
Artificial intelligence (AI) is seen as a "potential boon for improving M&A processes and value creation," according to Jana Mercereau, Head of Corporate M&A Consulting, Great Britain at WTW. As per WTW, historic levels of inflation, rising interest rates, and geopolitical instability contributed to a "slump in deal activity that bottomed ... Read the full article
RYSKEX unveils RYSKEX Consulting for parametric risk transfer solutions
20th November 2023
RYSKEX Inc. has launched a new business unit called RYSKEX Consulting, which focuses on parametric risk transfer solutions. According to the announcement, the new unit's risk transfer solutions are designed for efficacy and adaptability. They are also not just confined to the company's platform, which helps to ensure broader applicability and impact. The ... Read the full article
Duck Creek teaming with Microsoft to bring generative AI to P&C insurers
20th November 2023
Duck Creek Technologies, a P&C solutions provider, has unveiled a breakthrough initiative in collaboration with Microsoft, which is set to empower insurers to reimagine their businesses by facilitating smoother implementation processes and faster speed to market through the aid of generative artificial intelligence (AI). Duck Creek's platform is built on Microsoft ... Read the full article
The industry’s use of data & analytics positions it well for AI productivity gains: Moody’s
17th November 2023
The insurance industry's widened use of data and analytics positions it well for AI productivity gains, as many different insurers have been gradually leveraging AI technology for a number of years. In a recent report from Moody's Investors Service, analysts highlight how deeper integration could offer opportunities to boost operating efficiency, which ... Read the full article
Cytora and Veridion partner to redefine digital risk processing with AI-powered insights
16th November 2023
Cytora, an AI-powered digital risk processing platform, has entered into a strategic partnership with Veridion, a leading provider of AI-powered business data and market intelligence. This collaboration aims to reshape the landscape of commercial insurance underwriting by integrating Veridion's comprehensive business data directly into Cytora's platform. The key highlight of this integration ... Read the full article
Insurtech Mulberri launches AI-powered Risk Assistant
7th November 2023
Insurance startup Mulberri, has launched its new AI-powered Risk Assistant and rolled out its embedded property and casualty platform to make insurance innovation accessible to a broad range of industries outside payroll and Human Resources (HR) providers. Now industries including associations, brokers, insurtechs, carriers, MGAs, financial institutions, cyber technology providers, ISPs ... Read the full article
Cloud concentration a top emerging risk for organizations: Gartner
6th November 2023
Cloud concentration has become a significant emerging risk for many organisations, according to a recent survey by Gartner, Inc. The Gartner 3Q23 Emerging Risk Report surveyed 294 risk executives about their views on emerging risk or over-the-horizon risks. It found that the risk associated with dependence on a particular cloud provider for ... Read the full article
EAIC gains 10 new founding members, launches insurance AI research initiative
6th November 2023
The Ethical AI in Insurance Consortium (EAIC) has made significant strides in its mission to promote responsible and transparent AI adoption in the insurance sector with the addition of 10 new founding members. This expansion of expertise promises to have a substantial impact on the industry. Among the new members, Brian Casey, ... Read the full article
CLARA Analytics launches holistic casualty claims intelligence platform
6th November 2023
Provider of artificial intelligence technology for insurance claims optimization, CLARA Analytics, has unveiled its CLARAty.ai platform, designed to advance the insurance claims process and assists claims professionals with their day-to-day work. Heather H. Wilson, CLARA Analytics' Chief Executive Officer, commented: "CLARAty.ai eliminates data silos that currently exist to make the most ... Read the full article
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