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.
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
Reinsurance tech adoption a mixed bag, but opportunity is huge: Webcast
5th November 2021
As the push for efficiency, digitalisation and innovation continues to gain traction in the global reinsurance industry, leaders and executives from across the risk transfer and technology sectors are optimistic about the future. Yesterday, we hosted a live webcast alongside sister publication Artemis, and in association with ... 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
Insurance Europe warns of AI coverage challenges
17th February 2021
European insurance and reinsurance federation, Insurance Europe, has warned that changes to the existing liability framework for emerging technologies, such as artificial intelligence (AI), could result in challenging insurability issues. Insurance Europe supports the use of AI for exploring ways to more accurately forecast risk and develop new products, and also ... 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
MS&AD to deploy Tractable’s AI in Japan
4th November 2020
Global property and casualty insurer, MS&AD Insurance Group Holdings, is deploying Tractable’s Artificial Intelligence (AI) in Japan via both Mitsui Sumitomo Insurance (MSI) and Aioi Nissay Dowa Insurance (ADI). MS&AD is set to use AI to accelerate how it processes auto claims in an effort to speed up recovery for its ... Read the full article
European re/insurers support use of ethical AI: Insurance Europe
7th August 2020
European re/insurers have shown that they are supportive of artificial intelligence (AI) but have expressed views on where ethics should be followed. AI is already being used by insurers and reinsurers to help improve customer service, increase efficiency, provide greater insight into customer’s needs and to prevent any cases of fraud. Insurance ... Read the full article
Swiss Re & OneConnect to collaborate on Smart Claims for Europe
5th August 2020
OneConnect Financial Technology Co., Ltd., an associate of China's Ping An Group, is set to partner with reinsurance giant Swiss Re to co-develop a digital end-to-end solution for motor claims handling for the European marketplace. The solution will be based on artificial intelligence (AI) and advanced data analytics, with the two ... Read the full article
Verisk & PartnerRe leverage AI to transform life insurance underwriting
25th October 2019
Data analytics provider Verisk has collaborated with Bermudian reinsurer PartnerRe on the development of its new life insurance solutions, which, use advanced voice analytics and artificial intelligence (AI) to transform both underwriting and the customer experience. Under the new partnership, PartnerRe is set to test new tech that is able to ... 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
Aon introduces AI-powered claims analysis platform
25th September 2019
Global re/insurance broker Aon has announced the launch of ClaimsMonitor.X, an artificial intelligence-driven platform that can quickly analyse claims notes and provide insights into an insurer’s efficiency and profitability. The platform, available to insurers in the US and Canada, has been developed in collaboration with CLARA analytics, a provider of AI ... Read the full article
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