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.
Lemonade shatters record by using AI to settle a claim in two seconds
14th June 2023
InsurTech firm Lemonade has broken a world record by settling an insurance claim within two seconds by using AI and machine learning. Renowned for leveraging AI and machine learning technology to enhance and improve customer experiences, Lemonade has developed cutting-edge technology to streamline and arguably revolutionize the insurance claim process. Through their ... Read the full article
Arturo expands catastrophe response capabilities to the United States
13th June 2023
Arturo, the property intelligence company that delivers portfolio-wide underwriting, risk and claims insights, has announced a global expansion of its catastrophe response capabilities to the United States insurance market. In the last couple of years, Arturo has proven the value in bridging disparate data sets to derive impactful property insights, playing ... Read the full article
OneDegree partners with Microsoft to drive Insurtech & cybersecurity innovations with Azure OpenAI
12th June 2023
OneDegree Global, a technology startup in the insurtech and cybersecurity sectors, has entered into a strategic partnership with Microsoft Hong Kong. The collaboration marks a major milestone between the two companies as OneDegree integrates Azure OpenAI Service into its IXT insurtech and Cymetrics cybersecurity solutions. OneDegree recently unveiled its latest generative AI ... Read the full article
AI insurtech Concirrus launches new multi-line submissions solutions
8th June 2023
AI insurtech Concirrus has announced its new submissions offering that provides a seamless end to end solution for customers at a competitive price. The new offering ensures customer privacy and has been described as the market’s first solution that can increase productivity by 400%. Using AI tools such as ChatGPT can come ... Read the full article
MS Amlin launches AI-powered claims triage capability
8th June 2023
MS Amlin, the Lloyd’s global re/insurer has launched a new AI-powered claims triage capability, marking the first in a series of developments originating from a newly formed partnership with global professional services firm, Genpact. The partnership will see Genpact supporting a variety of functions to transform MS Amlin’s processes and accelerate ... Read the full article
Cover Whale names Darien Acosta as Chief Artificial Intelligence Officer
8th June 2023
Cover Whale, a leading commercial trucking insurance provider and insurtech has appointed Darien Acosta as its Chief Artificial Intelligence Officer (CAIO). In the role, Acosta will lead a new AI Transformation organisation within Cover Whale. The new position is also designed to spearhead Cover Whale’s adoption of AI. Having previously served as Cover ... Read the full article
Swiss Re partners with CompScience on AI powered worker safety
7th June 2023
Reinsurance giant Swiss Re has partnered with CompScience to "rethink how underwriters and industrial firms manage risk using AI-driven predictive models." According to CompScience, "The opportunity is to process millions of hazards in real-time", a process that is made possible with advanced image processing and AI. The firm suggests its Intelligent Safety ... Read the full article
Meanwhile secures $19m in funding across two seed rounds
6th June 2023
Meanwhile, the first and only life insurer with premiums in cryptocurrency, has announced roughly $19 million in financing across two seed rounds. The first was co-led by Sam Altman, the CEO of OpenAI and Lachy Groom, ex-Head of Stripe issuing, while Gradient Ventures led the second round of funding. The aim ... Read the full article
Independent adjusters can outperform AI, says Association
6th June 2023
The 2023 annual dinner of the Association of Average Adjusters in London was filled with calls for marine insurance and legal professionals to recognise the indispensable value of independent average adjusters, notwithstanding the giant strides made within artificial intelligence (AI). The 200-plus members and guests at the Savoy Hotel event each ... Read the full article
Digitally advanced countries are less likely to trust AI: Swiss Re Institute
2nd June 2023
Countries that are more digitally advanced are likely to include lesser people that trust artificial intelligence (AI) technology. A new analysis by Swiss Re Institute shows that countries such as Germany, France, the UK, Canada and the US are in the top 20 most prepared for AI out of 120 countries ... Read the full article
WTW launches insurance product to protect intangible assets
25th May 2023
WTW, a global advisory, broking and solutions company, has introduced a new financial product targeting clients intending to protect and leverage their intangible assets by considering a transfer of the associated risks. An intangible asset is one that is not physical in nature but one that can hold significant value, and ... Read the full article
Sapiens reaches agreement with Microsoft to leverage generative AI for insurers
23rd May 2023
Sapiens International Corporation has announced an agreement to integrate Microsoft Azure OpenAI and Azure Power Virtual Agents to provide generative AI solutions for insurance companies. According to the firm, this will allow customers to easily navigate complex documents such as policies, terms and conditions, and more, using natural large language AI ... Read the full article
Mitiga Solutions secures €13.25 million Series A funding to pioneer AI-driven climate risk modeling
18th May 2023
Mitiga Solutions, a Barcelona-based climate-tech company specializing in science-based risk modeling, has successfully raised €13.25 million in a Series A funding round. The investment, led by Kibo Ventures in collaboration with Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures, and CREAS Impacto, will enable Mitiga Solutions to establish itself as the ... Read the full article
ZestyAI leaders highlight the benefits of AI within P&C underwriting
15th May 2023
According to leaders from ZestyAI, an AI-enabled property and risk analytics platform, property and casualty (P&C) underwriting can be significantly improved using AI. In a recent discussion with McKinsey, executives from ZestyAI noted how insurers’ capacity to accurately estimate, price, and mitigate risks is core to their value to the market. AI ... Read the full article
CLARA Analytics launches AI platform for general liability claims
4th May 2023
CLARA Analytics, a provider for artificial intelligence (AI) technology for casualty insurance claims optimization, has launched its AI platform for general liability claims. The firm’s casualty lines AI platform ingests both structured and unstructured claims data, by using natural language processing to extract detailed information from claims reports, medical records, and ... Read the full article
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