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.
Donegal Insurance Group partners with ZestyAI for property risk assessment solution
25th October 2024
Donegal Insurance Group has partnered with ZestyAI, a climate and property risk analytics solutions provider, to utilise its new AI-powered solution to enhance property risk assessment by accurately determining roof age across the US. Through the project, Donegal will utilise ZestyAI’s Roof Age solution to fill in the missing roof age ... Read the full article
BCG reveals 74% of companies face challenges in unlocking AI value
24th October 2024
Boston Consulting Group (BCG), a global management consulting firm, has released new research revealing that after years of investing in artificial intelligence (AI), CEOs are increasingly focused on achieving tangible returns from these technologies. However, realising AI's full potential remains challenging. The report indicates that only 26% of companies have developed ... Read the full article
Qantev raises €30M led by Blossom Capital to drive AI innovation and global growth
23rd October 2024
Qantev, an AI-powered platform transforming the way health and life insurers manage claims, reduce costs, and enhance services, has secured €30 million in a new funding round led by Blossom Capital, a European venture capital firm, with participation from existing investors Elaia, Omnes, and RAISE Venture. With this fresh capital, Qantev ... Read the full article
DGTAL becomes first insurance-focused AI firm to adopt AI Agents
18th October 2024
DGTAL, a provider of generative AI (GenAI) solutions designed specifically for the insurance sector, has become the first insurance-focused AI company to use AI Agents as a core element of its technology platform, marking the company's most significant technological upgrade to date. Unlike AI solutions so far, which provide a single ... Read the full article
Property insurers to benefit from Arturo’s newly launched Change Detection technology
15th October 2024
Property intelligence company, Arturo has unveiled a “revolutionary” AI-powered solution for insurers that will enhance property insights and risk management. The new solution, named Change Detection, leverages state-of-the-art AI and geospatial imagery to pinpoint key changes on properties, such as deteriorating roofs or newly built structures. This proactive approach empowers insurers to ... Read the full article
Intelligent AI and BCIS launch AI-driven property rebuild cost platform
11th October 2024
InsurTech Intelligent AI has partnered with the Building Cost Information Service (BCIS) to launch a new AI-driven property rebuild cost platform. The Intelligent Rebuild Cost Platform (IRCP) was developed through Lloyd's Lab in collaboration with leading insurers, brokers, and chartered surveyors. This platform automates the delivery of essential property data and valuations, ... Read the full article
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
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