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.
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
Planck launches first GenAI-enhanced underwriting workbench
22nd September 2023
Planck, global insurtech platform for commercial insurance, has launched the first generative artificial intelligence (GenAI) enhanced underwriting workbench known as Planck PLUS. Planck PLUS is both a strategic toolkit and a trusted co-pilot that leverages the latest AI technologies and proprietary machine learning models to set a new standard in underwriting ... Read the full article
Polo Digital launches to support digitisation of London insurance market
21st September 2023
Lloyd’s and London Market insurance services provider, PoloWorks, has launched Polo Digital, a new digital market offering designed to support Blueprint 2 and the digitisation of the London market. Polo, the trading name of both Polo Managing Agency (PMA) and Polo Commercial Insurance Services (PCIS), explained that the new service will ... Read the full article
Geneva Association report highlights evolving AI regulations in insurance industry
15th September 2023
The adoption of artificial intelligence (AI) in the insurance sector is rapidly transforming various facets of the industry, from underwriting to claims management and customer engagement. AI holds the promise of improved services, efficiency gains, and cost reductions, benefiting both insurers and policyholders. However, concerns over privacy, discrimination, and regulatory lag have ... Read the full article
AI represents “big challenges for the future”, SCOR’s Léger
10th September 2023
With more insurers and reinsurers across the industry deploying artificial intelligence (AI) technology within their business, the overall impacts of AI across the industry are unknown which represents "big challenges for the future", according to SCOR CEO, Thierry Léger. Speaking during SCOR's briefing at RVS Monte Carlo 2023, Léger explained ... Read the full article
AI-insurtech DGTAL secures funding of €3 million
8th September 2023
DGTAL, a Software-as-a-Service (SaaS) platform providing artificial intelligence (AI) powered audit and tools for insurance portfolios, has secured strategic funding of €3m to facilitate the scaling of its pathbreaking technology. 1750 Ventures, the venture capital arm of German VGH Versicherungen, has entered the deal as anchor investor along with Gossmann & ... Read the full article
Cytora integrates with CAPE Analytics to boost commercial property risk assessment
1st September 2023
Cytora, an AI-powered digital risk processing platform, has announced an integration with CAPE Analytics, a provider of AI-powered property insights, to elevate commercial property risk assessment. Through the integration, CAPE Analytics' commercial property data APIs will be accessible on the Cytora platform. As a result, this will enhance insurers' capabilities to ... Read the full article
Swiss Re and Wysa launch first insurance-specific mental health app
29th August 2023
Swiss Re Reinsurance Solutions and Wysa, a provider of anonymous mental health support, have launched Wysa Assure, an Artificial Intelligence-based mental health support app. Australian MLC Life Insurance is the first to bring the solution to the market. Central to Wysa Assure's design is an AI chatbot built on cognitive behavioural ... Read the full article
Fortitude Re to optimise insurance policy servicing operations with IBM partnership
24th August 2023
Fortitude Re and IBM have entered into a $450 million agreement to collaborate on growth opportunities and transform the reinsurer’s life insurance policy servicing operations with the implementation of AI technology and other automation tools. According to the announcement, both firms have entered into a 10-year collaboration for administration of over ... Read the full article
The firms that are producing the best results are the ones that possess better data: HSCM’s Jones
21st August 2023
During a recent interview with Reinsurance News, Adrian Jones, Partner, HSCM Ventures, explained how one of the biggest issues that he hears across the industry is the quality of data reaching reinsurers and retrocessionaires. Data and technology are two fundamentals of re/insurance. The most successful brokers and insurers are the ones ... Read the full article
Arch partners with Kalepa to enhance underwriting with Copilot platform
18th August 2023
In a strategic move towards technological innovation and superior underwriting, Arch Insurance North America (Arch) has expanded its collaboration with insurtech leader Kalepa. The company has announced the wider deployment of Kalepa's groundbreaking underwriting workbench, Copilot, to drive efficient and high-quality underwriting processes across Arch's E&S Casualty book of business. Kalepa's Copilot ... Read the full article
Swiss Re partners with One Concern to reveal nat cat business interruption risk
17th August 2023
Reinsurance giant Swiss Re and One Concern, an AI physical risk company, have announced a strategic partnership that is set to enhance the underwriting and management of nat cat business interruption risk. The partnership between the two companies will see One Concern's Business Interruption Risk Scores and Metrics DNA product become available ... Read the full article
AI becomes one of the top five emerging risks in Q2 2023: Gartner
11th August 2023
Generative artificial intelligence (AI), such as OpenAI’s ChatGPT and Google Bard, has become a top concern for enterprise risk executives in the second quarter of 2023, according to a recent report by Gartner, Inc. In May 2023, Gartner surveyed 249 senior enterprise risk executives to provide leaders with a benchmarked view ... Read the full article
AI adoption will help identify the winners in re/insurance: Xceedance CEO
4th August 2023
Artificial intelligence (AI) will disrupt how re/insurance organizations do business. The industry must embrace it as the technology will help deliver better, faster, more accurate, and cost-efficient outcomes, Xceedance CEO Arun Balakrishnan noted in a recent interview with Reinsurance News. “If people believe this is a choice, they are wrong because ... Read the full article
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