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.
We have to take the challenge to fight climate change very seriously, R+V Re’s CEO
8th October 2024
As the intensity and severity of natural catastrophes continues to increase worldwide, there is more that the re/insurance sector needs to do to show its value in the climate fight, and according to Christoph Lamby, CEO of R+V Re, the German reinsurer, there are certain points that don't come across ... Read the full article
AI the biggest challenge facing digital health and wellness firms: Beazley
26th September 2024
Beazley, the specialist insurer, has revealed AI to be the biggest challenge facing digital health and wellness firms globally as they ramp up its integration into their systems. Beazley's Digital Health & Wellness 2024 report is a survey of 600 industry executives in six countries across Europe, North America and Asia ... Read the full article
West Bend enhances underwriting with ZestyAI’s AI-powered risk analytics
24th September 2024
West Bend Insurance Company has expanded its partnership with ZestyAI to incorporate more AI-powered risk analytics into its underwriting process. West Bend will now utilise ZestyAI’s property risk platform, Z-PROPERTY, to improve the accuracy of its underwriting and renewal processes for personal lines insurance. Z-PROPERTY uses AI and computer vision to analyse ... Read the full article
Davies adopts Majesco’s AI driven system to predict risks efficiently
20th September 2024
Davies, a professional services and technology specialist, has partnered with Majesco, a global cloud insurance software solutions firm, to provide faster and more efficient loss control and premium audit surveys for clients. This move allows Davies to implement Majesco’s AI-driven Loss Control 360 (LC360) inspection management system, which adapts to evolving ... Read the full article
Majesco launches AI ecosystem to enhance insurance solutions with key models
19th September 2024
Majesco, a provider of cloud-based insurance software, has introduced a new AI ecosystem powered by Majesco Copilot, enabling a seamless integration of various industry AI models into Majesco’s solution workflows, starting with a select group of partners. “This new AI ecosystem introduces a rapid approach to integrate via Majesco Copilot with some ... Read the full article
69% of underwriters & 67% of actuaries concerned about being replaced by AI: hyperexponential
17th September 2024
69% of underwriters and 67% of actuaries are concerned about being replaced by artificial intelligence (AI) in the next five years, according to research from hyperexponential, the pricing platform for global re/insurers. A recent study by the firm has revealed mass concern among insurance professionals around AI technology. Moreover, research has also ... Read the full article
Swiss Re selects mea platform’s GenAI solution to enhance operations
17th September 2024
mea, a GenAI-powered global platform for insurers, has announced that Swiss Re has selected its platform to enhance its insurance and reinsurance operations, strengthening their existing partnership. This expanded partnership builds on their successful collaboration that began in July 2023, when Swiss Re first selected mea for its Corporate Solutions business. ... Read the full article
Businesses’ preparedness against cyber threats beginning to shrink: Beazley
10th September 2024
Beazley, a specialist insurer, has released its Risk & Resilience report, Spotlight on Cyber & Technology Risk 2024, which explores global business views on cybercrime, tech obsolescence, disruptions, and intellectual property risks amid rapid technological change. Over the past year, the cyber threat landscape has grown more challenging due to the ... Read the full article
P&C insurers to play key role around ethical use of AI: Triple-I
10th September 2024
Artificial Intelligence (AI) is anticipated to transfigure how property & casualty (P&C) insurers conduct business, therefore making them positioned to advance the conversation around ethical AI, for businesses worldwide, according to a new study by the Insurance Information Institute (Triple-I), an affiliate of The Institutes, and data and AI firm SAS. According ... Read the full article
Gen AI an exciting opportunity for re/insurers, though introspection is needed: Xceedance’s Clausner
9th September 2024
According to Isabelle Clausner, VP, client executive – EMEA at Xceedance, opportunities for re/insurers to enhance operations with GenAI are many and varied, and although it will take a lot of work and introspection to achieve individual aims, the quickest wins will be in deploying technology to gain efficiency. Speaking in ... Read the full article
Floodbase’s flood mapping accuracy outperforms leading methods by 11%
5th September 2024
Insurtech Floodbase’s AI-based flood monitoring technology has proven to be 11% more accurate than current leading methods, enabling more precise monitoring and reduced prices for parametric flood insurance, according to a recent study in Geophysical Research Letters. Developed by Floodbase scientists and engineers, the technology uses deep learning to integrate satellite ... Read the full article
IAT Insurance Group to boost claims process with CLARA’s generative AI solution
2nd September 2024
IAT Insurance Group, a specialty property and casualty insurance carrier, has selected CLARA Analytics Claims Document Intelligence Pro (Claims DocIntel Pro) as its newest AI platform to boost its auto and general liability claims process. According to the announcement, Claims DocIntel Pro has been chosen to review legal demands and medical ... Read the full article
Growing need for MIS’ GEO amid rising nat cat losses: Forbes McKenzie
30th August 2024
With annual insured natural catastrophe losses consistently exceeding $100 billion, the demand for services like McKenzie Intelligence Services’ (MIS) Global Events Observer (GEO) platform is increasing, as it accelerates disaster relief and economic recovery. In an interview with Reinsurance News, Forbes McKenzie, Founder and CEO of MIS, explained how the firm ... Read the full article
Sompo invests in Palantir’s AI solutions to drive digital transformation
23rd August 2024
Sompo, a subsidiary of the company responsible for the insurance and reinsurance operations of Sompo Holdings Group outside of Japan, has announced its partnership with Palantir Technologies Inc., a vendor of artificial intelligence (AI) systems. With this initiative, Sompo will leverage Palantir’s data integration and AI solution - which the insurer ... Read the full article
AI usage heightens risk of cyber event aggregation, says Guy Carpenter
21st August 2024
The rapid adoption and evolving deployment of artificial intelligence (AI) in recent years have heightened the risk of cyber event aggregation from both malicious and accidental sources, according to a recent paper by Guy Carpenter. The paper identifies four main ways in which AI development and deployment contribute to this aggregation: ... Read the full article
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