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.
WindBorne secures $15m to improve weather forecasting & mitigate losses
13th June 2024
WindBorne Systems secures $15 million in Series A funding to expand its balloon constellation AI weather modelling, aimed at mitigating weather-related losses. With extreme weather events on the rise, the World Economic Forum (WEF) has identified them as the biggest risk to businesses in the coming decade. Forecasting inaccuracies exacerbate the ... Read the full article
VIG establishes EU-funded cyber security programme to combat rising threats
7th June 2024
Vienna Insurance Group (VIG) has launched a comprehensive Cyber Defence Center programme (CDC) to enhance protection against the growing threat of cyberattacks. This initiative receives financial support from the European Union through the European Cybersecurity Competence Centre. The risk of cyber-attacks on companies continues to rise, particularly with new threats driven by ... Read the full article
Continuity latest funding round to boost development and enhance innovation capabilities
7th June 2024
Continuity, a “pioneer” in leveraging artificial intelligence and external data for professional and commercial P&C insurers, has raised €10 million Series A funding round to boost enterprise insurance with artificial intelligence-driven risk detection. Established in 2019, Continuity offers innovative SaaS solutions that utilise external data and AI to improve risk selection ... Read the full article
Sirion’s Eigen Technologies acquisition to accelerate document AI capabilities
6th June 2024
Sirion, an AI-native contract lifecycle management (CLM) company, has acquired Eigen Technologies, a specialist in Document AI for insurance and financial services that has pioneered data extraction and AI governance. The company has been using artificial intelligence (AI) to unlock contract intelligence for a long time, its experience has made the ... Read the full article
Sixfold raises $15m in Series A round, confirms Lloyd’s Lab participation
6th June 2024
Insurtech Sixfold has raised $15 million in a Series A funding round led by Salesforce Ventures, in a move that is set to enable the company's expansion to the UK and Europe. The funding round also featured participation from Scale Venture Partners and all previous investors including Bessemer Venture Partners and Crystal ... Read the full article
McKenzie Intelligence Services launches AI damage classifier to revolutionise insurance assessments
6th June 2024
McKenzie Intelligence Services (MIS), a provider of geospatial data and analysis to the insurance industry, has announced the launch of a cutting-edge AI damage classifier to enhance its human intelligence-led damage assessments for insurers following catastrophic events. This product development to MIS’ Global Events Observer (GEO) platform - which meets requirements ... Read the full article
Majesco & Microsoft collaborate to deliver advanced GenAI-driven solutions
5th June 2024
Majesco collaborates with Microsoft to develop Majesco Copilot, which integrates cutting-edge generative artificial intelligence (GenAI) into the company’s solutions to revolutionise and encourage operational optimisation across the insurance industry. This collaboration significantly benefits Majesco customers by providing them with cutting-edge solutions, a next-generation architecture base, security, and transformational experiences. Majesco Copilot promotes ... Read the full article
Yoann Chassot named Head of Data & AI, EU and Americas, Synpulse
5th June 2024
Synpulse, a management consultancy specialising in the financial services industry, has hired Yoann Chassot as the new Head of Data and AI within the firm's Europe and Americas region. A renowned figure within the industry, Chassot joins Synpulse following a six year tenure at Palantir, where he most recently served as ... Read the full article
AdvantageGo announces ecosystem alliance with Relativity6
31st May 2024
AdvantageGo, a commercial re/insurance software provider and part of Coforge, has announced a strategic alliance with Relativity6, an artificial intelligence (AI) powered industry classification provider. For those who are not aware, Relativity6 addresses incorrect or out-of-date industry classification rating data and flagging of hazardous industries which allows underwriters to make critical rating ... Read the full article
Bowhead Specialty adopts Kalepa’s AI-driven Copilot for enhanced underwriting
30th May 2024
Bowhead Specialty, a provider of casualty and professional liability products, has deployed Kalepa’s Copilot underwriting platform to leverage its advanced AI for improved risk selection and enhanced customer service. Stephen Sills, CEO of Bowhead Specialty, remarks, "Our partnership with Kalepa allows us to stay on the cutting edge. Many companies make ... Read the full article
UK insurers urged to optimise AI for enhanced customer experience: Altus Consulting
30th May 2024
Digital processes are increasingly integrated into the insurance customer journey, with more than half of leading UK insurers implementing AI chatbots to streamline customer operations, according to Altus Consulting’s ‘Digital Bar’ report. The report also reveals that over 98% of insurers offer the ability to purchase their products through digital channels. Despite ... Read the full article
One80’s new AI warranty coverage to protect enterprises against unreliable AI models
29th May 2024
One80 Intermediaries, a specialty insurance broker, has announced the launch of artificial intelligence (AI) warranty coverage. Described as it to be the first of its kind warranty product, it was designed to protect enterprises and third-party AI vendors against losses related to unreliable AI models. According to experts, third-party AI tools will ... Read the full article
Synthetic data key to future success in London specialty insurance: Earnix
28th May 2024
Earnix, a provider of AI-based SaaS solutions, highlights the crucial role synthetic data will play in the future success of the specialty London insurance market in a recent report. According to Gartner, the use of synthetic data in commercial applications is just beginning to gain traction, accounting for only 1% of ... Read the full article
Marsh McLennan launches AI-powered solution to enhance supply chain risk management
28th May 2024
Marsh McLennan, a global re/insurance broker, has launched Sentrisk, an AI-powered platform with integrated advisory services that aims to redesign the way businesses manage global supply chain risk. Sentrisk enables clients to map supply chains comprehensively, identify gaps, and build resiliency under threat from increasing geopolitical tensions, food production and logistics ... Read the full article
Vital role of re/insurance in mitigating AI risks in health sector: Swiss Re
28th May 2024
In response to Swiss Re Institute’s recent report revealing the health sector's increased vulnerability to AI-related threats, Pravina Ladva, Group Chief Digital & Technology Officer at Swiss Re, highlights the critical role of re/insurance in mitigating these risks and fostering the digital trust essential for maximising the benefits of emerging ... Read the full article
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