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.
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
Munich Re warns of increasing cyber risk accelerated by AI, IoT, geopolitical conflict
2nd May 2023
Munich Re has warned that future cyberattacks will be accelerated by key technology trends such as artificial intelligence (AI), the "metaverse," and expanding IT, Internet of Things (IoT), and operational technology (OT) worlds. While these technologies offer great opportunities for society, businesses, and governments, they also create new attack surfaces, vulnerabilities, ... Read the full article
Coalition launches next generation Cyber Risk Management Platform
2nd May 2023
Cyber insurance provider Coalition has launched the next generation of its cyber risk management platform, Coalition Control. The platform combines cyber risk monitoring, assessment, and quantification tools with third-party risk management and AI-powered assistance to provide unparalleled risk management capabilities to organizations of all sizes. "Releasing the next generation of Coalition Control ... Read the full article
Swiss Re reimagines the uses of AI for the re/insurance industry
28th April 2023
The report “Decrypting AI for Insurance” written by Swiss Re's Group's Chief Digital & Technology Officer, Pravina Ladva has outlined ways in which AI could help achieve the industry’s long-term goals and takes a deep dive into the immediate benefits of AI that can be taken into consideration. Ladva tries to ... Read the full article
IAG unit invests in Planck for its underwriting automation operations
14th April 2023
IAG's corporate venture capital arm, IAG Firemark Ventures, has invested in global insurtech platform Planck in a bid to expand into the Australian and New Zealand commercial insurance market. Planck provides real-time answers to underwriting questions for the global commercial insurance industry and IAG said this "technology could potentially be embedded ... Read the full article
Chat GPT & AI a growing concern for cyber insurance: Corvus’ Hedberg
24th March 2023
With the capabilities of Chat GPT and artificial intelligence (AI) continuing to advance, this technology is only going to get smarter and potentially more difficult to control as it can be used to facilitate security breaches and increase the scale of cyber-attacks, states Peter Hedberg, Vice President of Cyber Underwriting ... Read the full article
Relativity6 launches new insurance tool, announces new hires and CPO
21st March 2023
Relativity6, an AI solutions provider for insurance companies, has launched a new tool to detect risk in commercial insurance submissions. The firm also announced a number of new hires and the promotion of Jonathan Ringvald to Chief Product Officer (CPO). With Hazard Flags, and its use of advanced machine learning algorithms, ... Read the full article
AI must be integrated into underwriting and claims processes: Munich Re’s Greene
6th March 2023
As artificial intelligence (AI) and machine learning technology continues to grow and expand within the industry, Patrick Greene, Vice President of Data at Munich Re Automation Solutions suggests that, eventually, AI must be “fully integrated” into the underwriting and claims process. “Those that have invested in state-of-the-art underwriting rules engines are ... Read the full article
Machine learning & IoT to impact future of insurance industry: ACORD
6th March 2023
A recent survey on the future of the insurance industry conducted by ACORD has shown that increased sophistication in technologies like AI, machine learning, and the Internet of Things (IoT) is projected to have a large impact on the industry. The survey polled a variety of different insurance professionals about their ... Read the full article
The insurance industry is not making fast enough progress on AI, Accelerant’s Wentworth
1st March 2023
In an interview with Reinsurance News, Heather Wentworth, Chief Data Officer at Accelerant, has suggested that the insurance industry as a whole is not “making enough progress” to get the data needed to successfully use artificial intelligence (AI) technology — which she argues will be transformative for the ecosystem. AI and ... Read the full article
Aioi Nissay Dowa Europe partners with AI company Mind Foundry
23rd February 2023
Aioi Nissay Dowa Insurance Europe (AND-E) and its parent, the global insurance brand Aioi Nissay Dowa Insurance (ANDI), have made a significant investment in AI company Mind Foundry, to launch a new joint venture research lab in Oxford. The Aioi R&D Lab - Oxford will bring together insights from the Aioi ... Read the full article
NAIC cites climate, data, cyber & innovation among priorities for 2023
21st February 2023
The National Association of Insurance Commissioners (NAIC) has cited climate risk, data/AI, and cybersecurity and innovation among its strategic priorities for 2023. Each year NAIC members finalize and announce the company’s priorities for the full-year. In terms of climate risk, NAIC stated that increased risks pose a threat to the lives, property, ... Read the full article
Verisk expands claims ecosystem through integration with AI firm, Tractable
9th February 2023
Tractable, an industry-leading applied AI firm is teaming with leading global data analytics provider, Verisk, to offer AI-powered estimates for property damage. By integrating with Tractable, which uses computer vision technology to visually assess damages to homes, Verisk will be able to help accelerate insurance claims processing and home repairs. Launched last ... 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.
