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.
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
Insurance industry lags in GenAI adoption, says BCG
16th August 2024
According to a recent report by Boston Consulting Group (BCG), the insurance industry is lagging behind other sectors in adopting generative AI (GenAI), with 40% of insurance companies showing minimal or no use of this technology. The report includes a GenAI maturity index to evaluate company adoption levels. Based on their ... Read the full article
CLARA Analytics targets insurance claims optimisation
16th August 2024
CLARA Analytics, a provider of artificial intelligence (AI) technology for insurers, has announced the launch of Claims Document Intelligence Pro, a new product designed to revolutionise insurance claims optimisation. The introduction of Claims DocIntel Pro (formerly CLARA Optics), represents ground-breaking advancements with its deeper contextual analysis of legal demands and medical ... Read the full article
96% of underwriters & actuaries say pricing tech needs improvement: hyperexponential
13th August 2024
hyperexponential, a pricing platform for global re/insurers, has observed that while new technology has opened up significant opportunities, issues with the broader ecosystem and outdated systems are hindering innovation and limiting insurers' efficiency, profitability, and collaboration. As per the firm's State of Pricing 2024 report, a massive 96% of underwriters and ... Read the full article
Hiscox launches Google Cloud-backed GenAI underwriting model
12th August 2024
Global specialist insurer Hiscox has gone live with its Google Cloud-backed generative artificial intelligence (AI) underwriting model for sabotage and terrorism insurance quotes. Considered the London insurance market’s first underwriting model of its kind, the model was developed as a proof of concept in December 2023 in collaboration with Google ... Read the full article
Aventum confirms development of AI underwriting assistant
12th August 2024
Aventum, an international insurance and reinsurance group, is investing in the development of an innovative AI Underwriting Assistant, following its inaugural Bear Cave Innovation Challenge. Every member of staff across Aventum was encouraged to pitch ideas for how to drive revenue growth, boost efficiency, improve the workplace, or achieve sustainability advantage. The ... Read the full article
Aon report reveals cyber insurance shortage as AI risks intensify for EMEA companies
12th August 2024
Aon, a global professional services firm, has released its 2024 Intangible versus Tangible Risks Comparison Report, underscoring the need for businesses across Europe, the Middle East, and Africa (EMEA) to reassess their cyber insurance and intellectual property (IP) protection strategies. This addresses the growing risks linked to generative artificial intelligence (Gen ... Read the full article
ZestyAI launches AI model to tackle non-weather water claims
6th August 2024
Climate and property risk analytics provider ZestyAI has launched Z-WATER, an AI-powered property-specific model designed to predict the frequency and severity of non-weather water and freeze claims. Non-weather water claims are a leading cause of insurance losses, ranking third nationwide, highlighting the urgent need for a predictive tool like Z-WATER. Z-WATER is ... Read the full article
TransRe creates Chief AI Officer role, restructures data science team
6th August 2024
Transatlantic Holdings (Trans Re), a wholly owned subsidiary of Alleghany Corporation, has restructured its data science team with two senior appointments as it looks to better support the expansion and adoption of artificial intelligence, machine learning, and large language models. To lead TransRe’s Artificial Intelligence Team (TRAIT), Otakar Hubschmann has been ... Read the full article
Soft ransomware targets, a new top emerging risk for enterprises: Gartner
6th August 2024
Concern about artificial intelligence (AI)-enhanced malicious attacks is once again the top emerging risk for enterprise in the second quarter of 2024, a recent Gartner, Inc.’s survey has revealed. Gartner surveyed 274 senior risk executives and managers during H1 2024 to document and compare emerging risks. Three of the top five most ... Read the full article
ZestyAI’s AI-powered Severe Convective Storm Models secure regulatory approval in Texas
26th July 2024
ZestyAI, a provider of AI-driven climate and property risk analytics solutions, has received approval for use in rating and underwriting from the Texas Department of Insurance for its complete suite of Severe Convective Storm products. These include Z-HAIL, Z-WIND, and Z-STORM, which along with Z-FIRE, ZestyAI's predictive wildfire risk analytics product, ... Read the full article
Poll suggests AI threats will drive the biggest cyber losses for re/insurers
17th July 2024
A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of this, nearly half of respondents (45%) said that they expect AI-powered threats ... Read the full article
Fintech industry shifts focus to profitability during growth challenges: BCG
12th July 2024
The fintech industry is poised for significant growth despite recent challenges, according to a recent report by Boston Consulting Group (BCG), a management consulting firm, and QED Investors, a venture capital firm specialising in fintech, titled Global Fintech 2024: Prudence, Profits, and Growth. Drawing insights from interviews with over 60 global ... Read the full article
Aspen Data Labs launches to enhance digital and AI capabilities
11th July 2024
Aspen Insurance Holdings Limited, a provider of insurance and reinsurance solutions, has launched Aspen Data Labs, a new platform designed to advance its digital capabilities and enhance its focus on data and artificial intelligence (AI). Aspen Data Labs will facilitate collaboration among employees and partners on data science and AI projects ... Read the full article
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