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.
Sprout.ai raises £5.4m to transform claims processing
31st October 2023
Sprout.ai, a claims automation insurtech, has raised £5.4 million in a round led by venture capital investors Amadeus Capital Partners and Praetura Ventures. At the same time, UK investor Capricorn Capital Partners, US investor Forefront Venture Partners, Canadian investor Verstra Ventures and UK investor Portfolio Ventures Angel Fund also join Sprout.ai’s ... Read the full article
Appian & Swiss Re partner to launch new workbench for life insurance
26th October 2023
Appian, a software company that automates business processes, has announced the launch of the Connected Underwriting Life Workbench. The new workbench enables holistic underwriting automation and workload management to improve operational efficiency and underwriter experience as they would now have access to a single interface to evaluate and classify risk, handle ... Read the full article
DGTAL launches new AI data capturing & process automation tool
26th October 2023
DGTAL, a Software-as-a-Service (SaaS) platform providing artificial intelligence (AI) powered audit and tools for insurance portfolios, has launched a new Intelligent Document Processing tool, GRABBER. The new tool excels at understanding, extracting and validating data from sources such as invoices, bank statements, utility bills, quotes, order forms etc, DGTAL stated. This eliminates ... Read the full article
GenAI expected to significantly affect productivity and change roles: EY
25th October 2023
Majority of European leaders in the insurance sector expect Generative Artificial Intelligence (GenAI) to significantly affect productivity and change roles; with limited AI knowledge, future regulation, and ethics being leaders’ top concerns, according to EY. The new EY European Financial Services AI Survey included executives from 24 European insurance firms – ... Read the full article
European reinsurers say the industry is “really piloting” the usage of AI
20th October 2023
As AI technology continues to be a key talking point across the re/insurance industry, major firms, Swiss Re and Munich Re have explained that the adaption of the technology within the sector remains within its early days and piloting stages. This was showcased at Swiss Re's Baden-Baden media conference, when Anne ... Read the full article
Xceedance establishes Center of Excellence for Generative AI
19th October 2023
Xceedance, a prominent global provider of strategic operations support, technology, and data services for insurance organisations, has announced the establishment of a Center of Excellence for Generative AI. This initiative signifies a substantial commitment to advancing high-ROI generative AI applications throughout the insurance value chain, the company said. Arun Balakrishnan, CEO of ... Read the full article
Vellum exits stealth with $7m seed round for its AI-enabled insurance analytics platform
17th October 2023
Analytics and data management platform for the re/insurance industry, Vellum Insurance, has exited stealth with a $7 million seed round led by Acrew Capital, with participation from Flourish Ventures, Fin Capital, Vera Equity, Endurance and 1 Sharpe Ventures. Founded in 2022, Vellum’s analytics and data platform possesses the ability to connect ... Read the full article
Generative AI revolutionises reinsurance, unleashing unprecedented opportunities: Inver Re
12th October 2023
Reinsurance broker Inver Re is making waves in 2023 with the integration of advanced generative AI, setting the stage for a revolutionary transformation in the field. The impact of this technology is poised to reshape the way unstructured data is processed and unlock a multitude of opportunities. While Artificial Intelligence (AI) has ... Read the full article
Aon digitises and automates reinsurance claims process with Appian
10th October 2023
Global re/insurance broker Aon has transformed its reinsurance claims processing with the use of The Appian Platform, an AI-powered process platform that helps design, automate, and optimise complex processes. Aon's Reinsurance Solutions started an operational transformation program in 2018, making adjustments to daily roles and responsibilities for the broker’s staff around ... Read the full article
mea platform hires Graeme Asquith as UK Managing Director
6th October 2023
mea, the AI powered processing platform for the global insurance industry, has appointed Graeme Asquith to the role of UK Managing Director. According to the announcement, this is a brand new role which heavily reflects mea’s rapid global growth, as well as the substantial opportunity that intelligent process automation represents for ... Read the full article
Insurtech Reserv raises $20m Series A round to accelerate growth
5th October 2023
Reserv, a leader in AI-driven insurance claims processing, has announced the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from AXIS Capital, Arch Capital Group, ... Read the full article
Re/insurers need the right tech to increase allocation to private markets: SS&C’s Ramsay
5th October 2023
During a recent interview with Reinsurance News, Jereme Ramsay, Director, Business Development & Client Relations, Bermuda, SS&C Technologies, explained that if re/insurers are looking to increase allocation to private markets, then they need to make sure they have a "combination of the right technology as well as operational and accounting ... Read the full article
Ascot hires new Predictive Modeling & AI Strategy Leader
2nd October 2023
Artificial intelligence (AI) industry leader Christian Toft-Nielsen has been appointed to the role of Senior Vice President, Predictive Modeling and AI Strategy at Ascot. According to the announcement, in this newly created role, Christian will hold responsibility for developing the company's AI and analytics framework to optimize processes and drive operational ... Read the full article
Collaboration key to managing rising cost of cyber insurance: Resilience’s Hussain
28th September 2023
"Managing the rising cost of cyber insurance requires a collaborative approach across the industry... By working together, the industry can create a more resilient and sustainable market," suggests Rehan Hussain, Head of Underwriting in the UK and Europe at cyber risk solution company Resilience. Hussain's comments stem from an interview with ... Read the full article
Cyber crime fears present massive opportunities for the industry: PwC’s Jim Bichard
26th September 2023
With cyber crime fears being heavily highlighted in PwC's "Insurance Banana Skins 2023" report, Reinsurance News spoke to Jim Bichard, Partner and Global Insurance Leader at PwC, at RVS 2023 about what the industry needs to do to try and combat these ongoing fears. "The amount of protection that currently exists ... Read the full article
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