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.
Swiss Re partners with Tencent’s WeBank to research AI use in reinsurance
24th May 2019
Swiss Re’s Beijing arm has partnered with WeBank, an online lender owned by Chinese investment comglomerate Tencent, to research the potential application of new artificial intelligence (AI) models in reinsurance, according to Shine. The parties signed a Memorandum of Understanding (MoU) to cooperate on federated learning, a new encrypted and distributed ... Read the full article
InsurTech Amenity closes $18m Series B led by STARR Companies
18th April 2019
Amenity Analytics, a software company developing solutions using natural language processing (NLP) and machine learning, has secured $18 million in a Series B funding round led by STARR Companies and its Chief Executive Officer Hank Greenberg. Amenity says it plans to use the funding to expand its team and product development. NLP ... Read the full article
InsurTech startup Cytora secures £25m in funding, eyes international expansion
17th April 2019
London-based InsurTech startup Cytora has secured £25 million in a Series B funding round led by Swedish venture capital firm EQT Ventures. Cytora, which was founded at the University of Cambridge in 2014, deploys artificial intelligence (AI) into commercial underwriting processes to improve and assist with the automation of decisions throughout ... Read the full article
AI insurtech omni:us adds Joost Heideman as strategic advisor
26th March 2019
omni:us, an insurance-focused artificial intelligence (AI) solutions business, has appointed Joost Heideman as strategic advisor to help drive its global expansion plans. Heideman has more than 25 years experience in the insurance industry and was until January 2019 Chief Executive Officer of Dutch mutual insurance company Univé. In his new role, Heideman ... Read the full article
Berkshire Hathaway GUARD partners with AI platform Planck
7th March 2019
Berkshire Hathaway GUARD Insurance Companies, a U.S subsidiary of Warren Buffett’s global re/insurance company, is partnering with Artificial Intelligence (AI) data platform Planck in an effort to optimise underwriting processes for its small and medium business segment. It’s hoped the insights provided by Planck will allow GUARD’s underwriters to focus on ... Read the full article
AI technologies the “future of employment” for re/insurers, says Quantemplate CEO
6th March 2019
Artificial intelligence (AI) and machine learning technologies should not just be viewed as a short-sighted cost cutting tool, but rather as the “future of employment” for re/insurance companies, according to David Lundgren, CEO of financial tech firm Quantemplate. Speaking in an interview with Reinsurance News, Lundgren noted that efficiency and cost ... Read the full article
UK government backs AI projects for insurance industry
15th February 2019
The UK government has announced that it plans to invest in 40 artificial intelligence (AI) and data analytics projects to boost productivity and improve customer service in the UK insurance, accountancy, and legal services industries. The government has pledged £13 million to support these collaborative industry and research projects and develop ... Read the full article
Munich Re takes stake in German Research Centre for AI
1st February 2019
Global reinsurance giant Munich Re has become a shareholder in the German Research Centre for Artificial Intelligence (DFKI), a leading European institute for the research of robotics, smart factories and immersive quantified learning. The partnership hopes to create new impulses in the fields of artificial intelligence and data analytics, and will ... Read the full article
Allianz to automate legal proceedings for injury claims using AI
28th January 2019
Allianz Insurance has launched a new digital proposition, called Defendant Hub, that uses artificial intelligence (AI) technology to automate Ministry of Justice Stage 3 injury claims. Developed in partnership with UK law firm Keoghs, Defendant Hub will provide Allianz’s injury claims handlers with an end-to-end solution for Stage 3 claims. This is ... Read the full article
QBE to enhance underwriting decisions using Cytora’s risk rating tech
7th January 2019
Global re/insurer QBE Insurance Group has adopted Risk Engine technology from artificial intelligence (AI) company Cytora to enhance underwriting decisions across its commercial portfolio. QBE explained that its partnership with Cytora will enable UK customers to purchase cover more efficiently, using Cytora’s predictive insights to recommend and tailor products to better ... Read the full article
IAG partnership to develop ethical AI-based systems
17th December 2018
Australian primary insurer, Insurance Australia Group Limited (IAG), has partnered with The Commonwealth Scientific and Industrial Research Organisation's (CSIRO) Data61 group and The University of Sydney on the creation of an independent, not-for-profit organisation founded to research the ethics of artificial intelligence (AI). The Gradient Institute’s goal is to develop ethical ... Read the full article
Re/insurers overestimate the value of AI, says Swiss Re CEO Mumenthaler
18th September 2018
Reinsurers have overestimated the value of artificial intelligence (AI), which has shown very limited successes in the vast majority of the value chain and which will not be applicable in the foreseeable future, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Speaking in a German language interview with ... Read the full article
Hiscox partners with Eigen Technologies to automate claims processes
10th August 2018
Hiscox, the specialist insurer, has partnered with Eigen Technologies, a global provider of natural language processing (NLP) technology, to automate multiple internal processes using machine learning driven classification and extraction technology. Two collaborative pilots are currently underway that make use of Eigen’s NLP platform to address the challenges of unstructured qualitative ... Read the full article
Tokio Marine co-leads $90mn funding for Metromile start-up
24th July 2018
Tokio Marine Holdings and Intact Financial, a North American property and casualty (P&C) insurer, have co-led a $90 million Series E funding drive for Metromile Inc., a San Francisco based car insurance start-up that utilises a pay-per-mile model and fully automated claims experience. Metromile said it plans to use the funds ... Read the full article
Concirrus updates AI powered Quest Marine software
6th July 2018
InsurTech company Concirrus has released an updated version of its artificial intelligence (AI) powered data analysis software, Quest Marine 2.0, to enable Lloyd’s marine syndicates to remediate their portfolios. Quest Marine is designed to allows re/insurers and brokers to analyse their entire historical portfolio in seconds, using machine learning algorithms that ... Read the full article
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