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.
AI to reignite global M&A market in 2024, says WTW
21st November 2023
Artificial intelligence (AI) is seen as a "potential boon for improving M&A processes and value creation," according to Jana Mercereau, Head of Corporate M&A Consulting, Great Britain at WTW. As per WTW, historic levels of inflation, rising interest rates, and geopolitical instability contributed to a "slump in deal activity that bottomed ... Read the full article
The industry’s use of data & analytics positions it well for AI productivity gains: Moody’s
17th November 2023
The insurance industry's widened use of data and analytics positions it well for AI productivity gains, as many different insurers have been gradually leveraging AI technology for a number of years. In a recent report from Moody's Investors Service, analysts highlight how deeper integration could offer opportunities to boost operating efficiency, which ... Read the full article
GenAI expected to significantly affect productivity and change roles: EY
25th October 2023
Majority of European leaders in the insurance sector expect Generative Artificial Intelligence (GenAI) to significantly affect productivity and change roles; with limited AI knowledge, future regulation, and ethics being leaders’ top concerns, according to EY. The new EY European Financial Services AI Survey included executives from 24 European insurance firms – ... Read the full article
European reinsurers say the industry is “really piloting” the usage of AI
20th October 2023
As AI technology continues to be a key talking point across the re/insurance industry, major firms, Swiss Re and Munich Re have explained that the adaption of the technology within the sector remains within its early days and piloting stages. This was showcased at Swiss Re's Baden-Baden media conference, when Anne ... Read the full article
Re/insurers need the right tech to increase allocation to private markets: SS&C’s Ramsay
5th October 2023
During a recent interview with Reinsurance News, Jereme Ramsay, Director, Business Development & Client Relations, Bermuda, SS&C Technologies, explained that if re/insurers are looking to increase allocation to private markets, then they need to make sure they have a "combination of the right technology as well as operational and accounting ... Read the full article
Swiss Re and Wysa launch first insurance-specific mental health app
29th August 2023
Swiss Re Reinsurance Solutions and Wysa, a provider of anonymous mental health support, have launched Wysa Assure, an Artificial Intelligence-based mental health support app. Australian MLC Life Insurance is the first to bring the solution to the market. Central to Wysa Assure's design is an AI chatbot built on cognitive behavioural ... Read the full article
Fortitude Re to optimise insurance policy servicing operations with IBM partnership
24th August 2023
Fortitude Re and IBM have entered into a $450 million agreement to collaborate on growth opportunities and transform the reinsurer’s life insurance policy servicing operations with the implementation of AI technology and other automation tools. According to the announcement, both firms have entered into a 10-year collaboration for administration of over ... Read the full article
AI becomes one of the top five emerging risks in Q2 2023: Gartner
11th August 2023
Generative artificial intelligence (AI), such as OpenAI’s ChatGPT and Google Bard, has become a top concern for enterprise risk executives in the second quarter of 2023, according to a recent report by Gartner, Inc. In May 2023, Gartner surveyed 249 senior enterprise risk executives to provide leaders with a benchmarked view ... Read the full article
AI adoption will help identify the winners in re/insurance: Xceedance CEO
4th August 2023
Artificial intelligence (AI) will disrupt how re/insurance organizations do business. The industry must embrace it as the technology will help deliver better, faster, more accurate, and cost-efficient outcomes, Xceedance CEO Arun Balakrishnan noted in a recent interview with Reinsurance News. “If people believe this is a choice, they are wrong because ... Read the full article
The industry has an obligation to drive the development of ethical AI: Swiss Re’s Ladva
28th July 2023
Looking past the transformative potentials that artificial intelligence (AI) possesses for the re/insurance industry, one major factor still remains: peoples need for risk transfer and mitigation solutions. AI technology may be able to enable new solutions and business models, but it simply cannot alter the "core mission" of the industry, according ... Read the full article
For Travelers, the AI opportunity is profound: CEO Alan Schnitzer
20th July 2023
Alan Schnitzer, Chairman and Chief Executive Officer (CEO) of U.S. insurer Travelers, has said that the company intends to spend more than $1.5 billion on technology this year as it looks to take advantage of the "profound" opportunity from artificial intelligence (AI). Speaking earlier today during the carrier's Q2 2023 ... Read the full article
ZhongAn unveils roadmap for AI and AIGC integration into insurance sector
12th July 2023
ZhongAn, China's first online-only insurance company, has unveiled a roadmap to transition from digital intelligence to artificial intelligence (AI). This transition, the insurer stated, is set to revolutionise the entire process of the sale and management of insurance, paving the way for an entirely new insurance infrastructure. Aiming to integrate AI into ... Read the full article
Tensorflight launches AI data advisor for property insurance sector
7th July 2023
Tensorflight, a property data and insights provider, has announced the launch of TensorAssist, its new chatbot assistant powered by OpenAI’s ChatGPT-4 technology. The new product is now available to all existing Tensorflight commercial property insurance customers, allowing them to rapidly understand the vast array of data points in its property intelligence ... Read the full article
INSHUR taps Google for cloud and generative AI
28th June 2023
On-demand insurance platform, INSHUR, has announced it is working with SADA, a leading business and technology consultancy and award-winning Google Cloud partner, to bolster global growth. According to the announcement, this joint effort will help enhance INSHUR’s Google Cloud strategy, enabling the business to bring new products to market more quickly, ... Read the full article
HSB extends Cyberwrite partnership for AI-driven cyber insurance platform
27th June 2023
Specialty insurer HSB, part of Munich Re, has renewed its agreement with Cyberwrite for the use of its AI-driven cyber insurance platform, 4SEEN, as part of its ongoing strategy to better leverage data and technology in its cyber insurance underwriting and portfolio management. HSB has been using Cyberwrite since 2018 to ... Read the full article
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