Reinsurance News
Artificial intelligence in insurance and reinsurance news
Read all of our news on the growing use of artificial intelligence technologies in the insurance and reinsurance industry.
Artificial intelligence (AI) promises to enhance risk modelling and data analytics capabilities for insurers and reinsurers, while also offering new ways to deliver insurance and reinsurance products and support customers as well.
In addition to the use of artificial intelligence (AI) to enhance underwriting and operations, insurance and reinsurance market participants are also increasingly focusing on product development to provide risk transfer protection to support the AI and tech data centre build-out, seeing this as a significant and growing opportunity.
Insurance sector could add up to £59bn to UK annual GDP with gen AI by 2038: Accenture
7th April 2025
Growth in the insurance sector driven by generative artificial intelligence (gen AI) has the potential to inject up to £59 billion to the UK annual Gross Domestic Product (GDP) by 2038, according to a recent report by Accenture. According to the "Generating Growth: How Generative AI can power the UK's reinvention" ... Read the full article
FurtherAI raises $5m in funding to enhance AI solutions for commercial insurance
2nd April 2025
Tech company FurtherAI has raised $5 million in funding, led by Nexus Venture Partners, to advance its commercial insurance AI, expand enterprise integrations, and grow its team. FurtherAI’s technology is trusted by top insurers and carriers globally, with clients writing over $15 billion in premiums. This investment will help FurtherAI pursue its ... Read the full article
Kennedys IQ unveils neuro-symbolic AI solution for global insurance market
1st April 2025
Kennedys IQ, the client-facing technology division of Kennedys Law LLP, has launched Kennedys IQ SmartRisk, a pioneering neuro-symbolic AI solution designed to transform risk analysis within the insurance industry. This innovative tool, described as the first of its kind, has been integrated into the data-powered IQ Platform, and marks a significant ... Read the full article
Nippon Life backed AllegisNL Capital provides funding to Lazarus AI
1st April 2025
Japanese life insurer Nippon Life Group backed venture capital fund, AllegisNL Capital, which invests in insurtechs, has provided funding to Lazarus AI. The funds aim to further Lazarus AI's technology to expand its reach into the Japanese insurance market. Lazarus AI is known for its foundation AI models, which streamline operations of ... Read the full article
hyperexponential launches suite of AI-powered capabilities
28th March 2025
Insurtech hyperexponential (hx) has launched a suite of AI-powered capabilities, hx AI, at its first AI event in London. According to the insurtech, hx AI is designed to revolutionise pricing, actuarial and underwriting productivity and decision-making in the insurance industry. To increase insurers' efficiency and profitability, hx AI introduces tools that harness ... Read the full article
Xceedance invests in Friendly to drive L&H AI solutions
27th March 2025
Xceedance, a global provider of technology and digital solutions, has strategically invested in Friendly, a San Francisco-domiciled artificial intelligence company focused on life & health (L&H) underwriting, claims management, and risk assessment processes. This investment underscores Xceedance's commitment to supporting L&H and reinsurance clients with cutting-edge technologies addressing evolving market needs. By ... Read the full article
Cowbell Connectors expands to 30+ integrations to enhance cyber risk assessment
27th March 2025
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the expansion of its Cowbell Connectors to more than 30 integrations with top security and cloud service providers. Cowbell Connectors enhance cyber risk assessment and underwriting by leveraging inside-out data, unlike businesses that rely on outside-in or partial ... Read the full article
AI model DeepSeek could improve operating efficiency for China’s insurers: AM Best
24th March 2025
The use of the artificial intelligence (AI) model DeepSeek among mainland China insurance companies has the potential to enhance operational efficiencies for small to medium-sized carriers, though it also introduces risks, according to AM Best. Several insurers in China have announced the deployment of DeepSeek in their operations. In a new commentary, ... Read the full article
Insurers to embrace AI & data-driven underwriting in 2025, says Send
21st March 2025
2025 is a pivotal year for the insurance industry, marking the first real opportunity for growth since the COVID-19 pandemic as insurers shift from traditional underwriting to data-driven decision-making, AI adoption, and portfolio management optimisation, according to new research from Send Technology Solutions Ltd (Send). The study, conducted in late 2024 ... Read the full article
Nearmap launches AI-powered Portfolio Intelligence solution
19th March 2025
Nearmap, a provider of property intelligence to insurers, has launched Portfolio Intelligence, an AI-powered pre-built solution to enable insurers to assess a whole property portfolio. The firm aims to provide comprehensive intelligence so insurers can visualise and assess risk distribution to enhance portfolio resilience, evaluate portfolio performance by agency or region, ... Read the full article
Rising AI adoption exposes businesses to new risks: Gallagher
18th March 2025
Adoption of artificial intelligence (AI) is at an all-time high, with nearly two-thirds of businesses testing AI in the past year and half already implementing it, however, Gallagher warns that growing usage also brings new risks, including a greater likelihood of AI-related claims if not properly governed. Gallagher’s research shows that ... Read the full article
Lemonade adopts ZestyAI’s platform to enhance underwriting
17th March 2025
ZestyAI, a provider of AI-driven climate and property risk analytics, has confirmed that Lemonade, the digital insurer powered by AI, has adopted its platform to further optimise underwriting for key catastrophe perils in the US. The pair stated that their partnership reflects a shared vision for addressing increasing climate risks and ... Read the full article
AI-powered parametric insurance platform Mythen launches for nat cat risks
17th March 2025
Insurance technology veteran Sandra DeSilva has launched Mythen, an AI-powered parametric insurance platform and reinsurer specialising in natural catastrophe risks. Based in Bermuda and Texas, Mythen brings together a global team of re/insurance and technology experts, using advanced technologies to provide liquidity and coverage for risks that are traditionally difficult to ... Read the full article
DXC and ServiceNow partner to transform insurance workflows with AI
5th March 2025
DXC Technology, a Fortune 500 global technology services provider, and ServiceNow, an AI platform for business transformation, have partnered to drive innovation in the insurance industry with artificial intelligence. DXC is combining its solutions with ServiceNow's AI capabilities and workflows to introduce DXC Assure BPM (Business Process Management) powered by ServiceNow. The ... Read the full article
WTW unveils new AI-driven monitoring tool for insurers
5th March 2025
International broker WTW has launched Radar Vision, an AI-driven performance monitoring tool custom-built for insurers. The global insurance industry is facing a period of rapid change and uncertainty, driven by significant inflation, demographic shifts, and a volatile market. To succeed in this environment, WTW highlights, insurers must be able to quickly understand ... Read the full article
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