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.
AXA deploys secure generative AI to employees
28th July 2023
AXA, a worldwide leader within insurance and asset management, has announced the deployment of AXA Secure GPT- an internal service built on Microsoft’s Azure OpenAI Service. AXA's in-house team developed AXA Secure GPT within three months, leveraging the firm's collaboration with Microsoft. The new system allows AXA employees to have access to ... Read the full article
The industry has an obligation to drive the development of ethical AI: Swiss Re’s Ladva
28th July 2023
Looking past the transformative potentials that artificial intelligence (AI) possesses for the re/insurance industry, one major factor still remains: peoples need for risk transfer and mitigation solutions. AI technology may be able to enable new solutions and business models, but it simply cannot alter the "core mission" of the industry, according ... Read the full article
For Travelers, the AI opportunity is profound: CEO Alan Schnitzer
20th July 2023
Alan Schnitzer, Chairman and Chief Executive Officer (CEO) of U.S. insurer Travelers, has said that the company intends to spend more than $1.5 billion on technology this year as it looks to take advantage of the "profound" opportunity from artificial intelligence (AI). Speaking earlier today during the carrier's Q2 2023 ... Read the full article
Cytora utilizes LLMs for next generation risk and underwriting intelligence
20th July 2023
AI-powered digital risk platform, Cytora has unveiled its latest enhancement, leveraging Large Language Models (LLMs) to bring a new level of "accuracy and efficiency" to risk assessment and underwriting processes. According to Cytora, the availability of LLMs alongside the risk platform's proprietary AI transforms digitisation performance across end-to-end underwriting workflows. At the ... Read the full article
Tractable receives $65M Series E investment led by SoftBank
19th July 2023
Artificial intelligence company, Tractable has announced a $65M Series E investment led by SoftBank Vision Fund 2. Existing investors Insight Partners and Georgian participated in the round as well. As part of the transaction, Nahoko Hoshino, Investment Director for SoftBank Investment Advisers will join the Tractable board. Working with P&C insurers, ... Read the full article
CLARA Analytics partners with OPEX Consultants to expand in Asia-Pacific
18th July 2023
CLARA Analytics, a provider of artificial intelligence (AI) technology for casualty insurance claims optimisation, has announced an exclusive partnership with Australian insurance consulting practice, OPEX Consultants, in a significant move to expand its presence in the Asia-Pacific region. According to CLARA, its cutting-edge AI products have already delivered impressive returns for ... Read the full article
Economic impact of cybercrime on business predicted to reach $10.5 trillion by 2025: Cybersecurity Ventures
13th July 2023
The threats that are posed by new technologies such as artificial intelligence (AI), which had consistently reduced since 2021, is now predicted to be a growing threat for the next 12 months ahead, according to Beazley's latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023. The report highlighted ... Read the full article
ZhongAn unveils roadmap for AI and AIGC integration into insurance sector
12th July 2023
ZhongAn, China's first online-only insurance company, has unveiled a roadmap to transition from digital intelligence to artificial intelligence (AI). This transition, the insurer stated, is set to revolutionise the entire process of the sale and management of insurance, paving the way for an entirely new insurance infrastructure. Aiming to integrate AI into ... Read the full article
UK consumers demand improved customer experience in insurance, highlight AI as key priority: Study
10th July 2023
A study by Future Processing and Censuswide found that about one-third of UK consumers feel insurance companies are not improving customer experience, with Artificial Intelligence (AI) being a key priority for enhancement. The findings of the research indicate that insurance companies can benefit from integrating AI technology into their operations to ... Read the full article
Tensorflight launches AI data advisor for property insurance sector
7th July 2023
Tensorflight, a property data and insights provider, has announced the launch of TensorAssist, its new chatbot assistant powered by OpenAI’s ChatGPT-4 technology. The new product is now available to all existing Tensorflight commercial property insurance customers, allowing them to rapidly understand the vast array of data points in its property intelligence ... Read the full article
Corvus Insurance adds Generative AI to underwriting platform
30th June 2023
Cyber underwriter powered by a proprietary AI-driven cyber risk platform, Corvus Insurance, has announced new AI- and NLP-driven features to increase the degree of automation of routine manual tasks in the underwriter’s workflow within Corvus Risk Navigator. These features have further reduced the workload on Corvus underwriters, increasing quoting efficiency and ... Read the full article
Underwriting platform Federato raises $25m in Series B funding
29th June 2023
Federato, the insurance industry's first RiskOps underwriting platform has announced that it has raised $25 million in Series B funding, led by Caffeinated Capital, with participation from Emergence Capital and Pear VC. This round comes less than a year after the company announced its $15 million Series A funding, that ... Read the full article
INSHUR taps Google for cloud and generative AI
28th June 2023
On-demand insurance platform, INSHUR, has announced it is working with SADA, a leading business and technology consultancy and award-winning Google Cloud partner, to bolster global growth. According to the announcement, this joint effort will help enhance INSHUR’s Google Cloud strategy, enabling the business to bring new products to market more quickly, ... Read the full article
Lemonade renews reinsurance program, creates risk-bearing entities
22nd June 2023
Insurtech firm Lemonade has announced the successful renewal of its reinsurance program. It has also formed Lemonade Re and a captive cell to retain some of their risk. According to the announcement, the program is to be led by the same tier-one carriers as the expiring one and was oversubscribed on ... Read the full article
Malicious attacks on AI systems & “Arctic opening” pegged as key emerging risks
19th June 2023
Swiss Re Institute's 2023 SONAR report has highlighted malicious attacks on artificial intelligence systems and potential clashes over new trading routes in the Arctic as possible threats as the risk landscape continues to burgeon. Swiss Re's 2023 SONAR report covers 17 new risks and trends across technological, economic, social and environmental ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
