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.
Five Sigma expands Series A funding round with Aquiline
26th January 2022
Five Sigma, a claims management solution provider, has expanded its Series A funding round from Aquiline Technology Growth (ATG), bringing the company's total funding to date to over $20 million. The Series A funding was initially announced in September last year, with Five Sigma planning to use the proceeds to optimise ... Read the full article
Archipelago expands property risk capabilities
26th January 2022
AI-driven technology platform Archipelago has enhanced its solution to address exposures among buyers from its corporations with insurable property assets. Archipelago’s new enterprise solutions for its SaaS platform include cloud management of property data, AI-enhanced enrichment of geo-coding, COPE and cat-risk data, data insights and benchmarking. Its new product capabilities include the ... Read the full article
Reask closes funding round led by Tencent
21st January 2022
InsurTech Reask has closed its seed funding round led by Tencent, the global technology giant headquartered in China. Reask plans to use the funding on product development, operational expansion, and business development worldwide, including a focus on the London Market. The insurtech is currently taking on legacy Nat Cat modelling firms by ... Read the full article
Change is being driven by consumer demand: Krista Griggs, Fujitsu
11th January 2022
Change is being driven by consumer demand, whether it’s for digital services, convenience or sustainable offerings, according to Krista Griggs, Head of Financial Services and Insurance at Fujitsu UK & Ireland. “Insurance organisations could never have predicted the rippling impact it would have, but as the industry recovers and as we ... Read the full article
Zurich agrees to acquire AlphaChat
16th December 2021
Zurich Insurance Group (Zurich) has agreed to acquire Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the Group’s digital capabilities. Founded in 2017, AlphaChat has built a messaging automation product capable of understanding natural language, authenticating users, providing personalised responses and executing ... Read the full article
Global liability premiums will grow by 4.7% each year: Swiss Re
2nd November 2021
Global reinsurance giant Swiss Re has released a new report which forecasts that global liability premiums will grow by 4.7% on average each year up until 2040. This is expected to reach USD 583 billion and account for 13% of all Property & Casualty business (P&C). The repost noted that this will ... Read the full article
Machine learning and AI in an “arms race”: Concirrus’ CEO Andrew Yeoman
15th October 2021
Machine learning and artificial intelligence (AI) are now in an “arms race” within the insurance market, and what was a competitive advantage a year ago is ‘table stakes’ today, according to Concirrus CEO, Andrew Yeoman. In a recent interview with Reinsurance News, Yeoman discussed the impact that AI and tech has ... Read the full article
Swiss Re and Claim Genius partner on AI motor solution
23rd September 2021
Swiss Re has partnered with insurtech firm Claim Genius to implement an artificial intelligence (AI) powered solution for motor claims. Using real time AI damage assessment and an estimation platform, the firms hope to bring more efficiency to the motor claims process. "Swiss Re Solutions aims to deliver world leading claims management ... Read the full article
Arturo raises $25 million in Series B funding round
29th April 2021
Artificial intelligence (AI) and deep-learning property analytics company, Arturo has raised $25 million in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures. Using the funds, Arturo plans to expand its technical team to refine its industry-leading ... Read the full article
Munich Re partners with Spectrum Labs for AI safety systems
1st April 2021
Global reinsurer Munich Re has entered into a partnership with Spectrum Labs in order to set a new industry standard for AI-based Trust & Safety systems. Spectrum Labs provides patent-pending technology to consumer internet brands to help identify toxic behaviour online. The partnership will help protect its customers and manage their risk ... Read the full article
Arturo enters partnership with Urban Sky
11th March 2021
Artificial intelligence (AI) and deep-learning property analytics company, Arturo, has entered into a partnership with Urban Sky to incorporate the company’s stratospheric photos into its collection of property images. The partnership is expected to enable Arturo to provide a more accurate analysis to its insurance customers in the U.S., focusing on ... Read the full article
Aon enhances healthcare platform with EoG’s voice AI technology
29th January 2021
Re/insurance broker Aon has entered into a new partnership with Elements of Genius (EoG), one of the fastest growing privately held Artificial Intelligence (AI) companies in the U.S., to empower Aon's GoodMe platform with dynamic voice chatbots. Under the new collaboration, GoodMe, which is Aon's healthcare services platform, will be powered ... Read the full article
Cowbell Cyber adds social engineering cover to cyber offering
15th April 2020
Cowbell Cyber, a startup leveraging Artificial Intelligence (AI)-powered cyber insurance for SMBs, has added social engineering protection to its Cowbell Prime 100 cyber insurance solution. According to Cowbell Cyber, a huge 98% of cyberattacks deploy social engineering methods, essentially exploiting human weaknesses and preying on naivety. The company's new social engineering product ... Read the full article
Munich Re sees new possibilities for managing risk in data & AI
21st October 2019
Reinsurer Munich Re sees data analytics and artificial intelligence as key tools to open up new possibilities for managing and covering risk, and for supporting insurers across the entire value chain. “At Munich Re, our goal is to pioneer digital solutions for the insurance industry,” said Doris Höpke, Member of the ... Read the full article
Acrisure partners with Tulco on AI-powered brokerage platform
20th September 2019
US insurance broker Acrisure has partnered with investment company Tulco Holdings to launch Altway Insurance, a direct-to-consumer brokerage platform that is fully supported by artificial intelligence (AI). Altway also plans to work closely with Google Cloud AI to support the automation of client-facing operations, marketing, sales and product-distribution channels. This integrated AI ... 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.
