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.
Responsible use of AI critical to consumer trust: Swiss Re’s Levy
14th May 2024
As the insurance market and its customers realise the potential of artificial intelligence (AI), it is yet not very clear how to apply the technology in a way that delivers enhanced engagement, and in turn, sales, Swiss Re’s Daniel Levy has stated. Principal Risk Consultant Levy has recently explored how insurers ... Read the full article
Paragon Insurance expands use of Kalepa’s AI-powered underwriting platform
13th May 2024
Multi-line specialty Managing General Agency (MGA), Paragon Insurance Holdings LLC has expanded its use of Kalepa's AI-powered Copilot underwriting platform to four additional programs. Kalepa’s Copilot will now support Paragon’s underwriters across Workers' Compensation, Specialty Property, Small Construction and Contractors, and Auto Dealers programs to achieve underwriting excellence through improved efficiency, ... Read the full article
Synthetik successfully demonstrates its advanced flood analysis tool
13th May 2024
Synthetik has announced the successful demonstration of Flowcore, its "Flood Data Collection and Analysis" platform designed for modelling flood scenarios and predicting resulting damages and financial/insurance losses. Flowcore integrates Synthetik's specialised GPU-accelerated flood simulation code and employs artificial intelligence (AI) to deliver rapid results. This capability enables the assessment of cumulative ... Read the full article
AI has a crucial role for underwriters despite risks: Denninger, Capgemini
9th May 2024
In a recent interview with Reinsurance News, Adam Denninger, Global Insurance Industry Leader at Capgemini, emphasised the critical role of AI integration in underwriting practices, while acknowledging insurers' likely cautious approach due to various challenges and risks. Denninger asserts that adopting AI technology is essential for property and casualty (P&C) insurers ... Read the full article
Origami Risk to launch new GenAI solutions for risk managers
2nd May 2024
Origami Risk, the risk, safety, and insurance Software as a Service (SaaS) technology firm, has announced that it will launch its new package of Generative AI (GenAI) solutions for risk managers at RIMS in San Diego next week, as the company urges risk managers to take an informed approach to ... Read the full article
Neptune Flood to enhance AI-driven flood insurance solutions with new acquisition
2nd May 2024
Private flood insurance company Neptune Flood has acquired Charles River Data, a renowned Boston-based data science consulting group, marking a significant milestone in the company’s growth strategy. According to the announcement, this strategic move aims to bolster Neptune Flood's Triton underwriting system through advanced data science, machine learning, and artificial intelligence ... Read the full article
Technology is key amid a volatile market, regulatory and accounting changes: Clearwater’s Wenzhe Sheng
30th April 2024
As Clearwater Analytics works towards revolutionising the world of investing, we spoke with Senior Product Manager for EMEA Prudential Regulations, Wenzhe Sheng, about regulatory and technology trends in the insurance industry amid a volatile investment market environment. Founded in 2004, Clearwater Analytics is a SaaS, full lifecycle investment management solution which ... Read the full article
Florida Peninsula partners with ZestyAI for enhanced property risk assessment
29th April 2024
ZestyAI, a company that leverages artificial intelligence (AI) for risk assessment, has announced its partnership with Florida Peninsula Insurance Company, integrating ZestyAI's Z-PROPERTY Location Insights solution to enhance underwriting precision and elevate customer experience. ZestyAI's advanced property analytics solutions employ cutting-edge computer vision and machine learning technologies to extract valuable insights ... Read the full article
Sayata launches AI-powered risk engine to broaden carrier appetites while protecting loss ratios
29th April 2024
Sayata, a marketplace for insurance brokers and carriers, aims to revolutionise small commercial insurance underwriting with the launch of the Sayata Risk Engine, an AI-powered platform. This new proprietary risk assessment solution is to transform how insurance carriers and MGAs assess and underwrite risk, according to Sayata. It uses sophisticated artificial intelligence ... Read the full article
Cowbell unveils new GenAI solution to optimize underwriting workflows
24th April 2024
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has unveiled Prime Tech with Cowbell Co-Pilot, a generative AI solution built into the underwriting process of Prime Tech. Prime Tech is Cowbell's adaptive cyber insurance offering that combines Prime 250 cyber risk insurance with Technology Errors and Omissions ... Read the full article
Swiss Re enhances Life Guide with AI underwriting assistant
22nd April 2024
Swiss Re has introduced an upgraded version of Life Guide, now featuring Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant aimed at enhancing efficiency and quality in underwriting. Life Guide, Swiss Re’s manual for Life & Health (L&H) underwriting, serves to provide clients with insights into current and future ... Read the full article
P&C underwriters sceptical of AI despite trailblazer benefits: Capgemini
19th April 2024
Findings from the recent report by the Capgemini Research Institute highlight that although 62% of insurance executives recognize the positive impact of AI/ML on underwriting quality and fraud reduction, many P&C underwriters remain sceptical about automated recommendations from predictive analytics tools. The report underscores the increasing demands from policyholders for affordability, ... Read the full article
Almost 60% do not treat AI ethical risks separately: Airmic survey
11th April 2024
Nearly 60% of organisations are not treating ethical risks related to artificial intelligence (AI) separately from other ethical concerns, according to a recent survey conducted by Airmic, a UK association for risk and insurance professionals. In another poll asking whether these organisations believe AI's ethical risks should be treated separately, respondents ... Read the full article
Sayata launches AI-powered platform for enhanced risk assessment
11th April 2024
Sayata, a marketplace for insurance brokers and carriers, has recently launched the Sayata Risk Engine: an AI-powered platform designed to revolutionise risk assessment and underwriting for insurance carriers and MGAs. Asaf Lifshitz, Co-Founder and CEO of Sayata, underscores the collaborative effort behind the Risk Engine's development, stating, "Our team of experts ... Read the full article
US commercial P&C rates decelerate in Q1’24, personal lines steady: MarketScout
5th April 2024
Commercial rates in the US went up 3.9% on all property and casualty placements in the first quarter of 2024, a notable decline compared to the plus 5.6% in Q4 2023, while personal insurance rates held steady at plus 4.75% in the period, according to MarketScout. “January and February posted very ... Read the full article
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