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.
Machine learning & IoT to impact future of insurance industry: ACORD
6th March 2023
A recent survey on the future of the insurance industry conducted by ACORD has shown that increased sophistication in technologies like AI, machine learning, and the Internet of Things (IoT) is projected to have a large impact on the industry. The survey polled a variety of different insurance professionals about their ... Read the full article
Insurers need to ensure they develop and use AI ethically: WTW’s Chapman
6th December 2022
Artificial Intelligence (AI) and machine learning is a growing topic within both the insurance and reinsurance industry, with more companies using the technology to manage manual, low complexity workflows and dramatically increase operational efficiency. The technology also allows the ability to predict with greater accuracy losses and the behaviour of customers, ... Read the full article
AI use in Bermuda re/insurance market low, but set to accelerate: BMA
2nd December 2022
A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over the next five years. Machine learning, which focuses on the use of ... Read the full article
Actuaries highlight need for ethical use of AI in insurance
1st December 2022
While artificial intelligence (AI) promises faster and smarter decision making, the Actuaries Institute and the Australian Human Rights Commission (AHRC) worry about potential discrimination and highlight the need to prevent this. To address the issue, they created a Guidance Resource designed to help insurers and actuaries to comply with the federal ... Read the full article
Automation changing how insurers interact with consumers: PwC
1st December 2022
A new report from PwC Middle East has highlighted several key trends that are expected to make an impact on the future of the Middle East’s insurance industry. One of the key trends that the report addresses is how automation and artificial intelligence (AI), and how they are changing the way ... Read the full article
Skyward Specialty announces partnership with Gradient AI
10th October 2022
Specialty insurance firm, Skyward Specialty, has announced its partnership with Gradient AI, an artificial intelligence (AI) solutions provider for the insurance industry. According to the announcement, through this collaboration, the insurer aims to power its Accident and Health (A&H) division's latest technology driven stop-loss solution, SkyVantage. A rise in employer healthcare costs ... Read the full article
Verisk expands property estimating solutions with integration of Yembo’s tech
20th September 2022
Verisk has continued the expansion of its property estimating ecosystem with the integration of Yembo’s 3-D models and AI-Driven insights. Yembo’s AI-powered technology now integrates with Xactimate, says Verisk, enabling desk adjusters to view photo-realistic, 3-D models of interior damage created from videos captured onsite via smart devices. Siddharth Mohan, co-founder and ... Read the full article
Berkshire Hathaway extends partnership with Zesty.ai
10th August 2022
Berkshire Hathaway Homestate Companies has announced that it has expanded its partnership with Zesty.ai to leverage its AI-powered wildfire risk model, Z-FIRE across 12 states. Z-FIRE is designed to enhance insurers’ risk selection and rate setting while helping them to understand the impact of climate change on wildfires and in turn ... Read the full article
Covenant Underwriters utilises RMS analytics
9th August 2022
The e-commerce insurance program administrator, Covenant Underwriters, is utilising Location Intelligence API from RMS to provide premium indications to its clients during the quotation process. RMS Location Intelligence API offers location-level hazard, risk and loss metrics delivered directly into underwriting workflows. Daniel Murray, Chief Underwriter at Covenant Underwriters, said, “Covenant has developed ... Read the full article
$170bn of global insurance premiums at risk by 2027, research suggests
3rd August 2022
According to a new Accenture report, up to $170bn of insurance premiums could be at risk in the next five years due to poor claims experiences, with process inefficiencies in underwriting potentially costing the industry another $160bn over the same period. The report is based on surveys of more than 6,700 ... Read the full article
FRISS acquires Polonious software
9th March 2022
AI-powered fraud and risk solution provider for the property & casualty insurance sector FRISS has acquired Polonious, a software for special investigations and case management, which will enable FRISS to support claims departments, special investigations units and private investigations firms. Polonious’ product will improve FRISS Investigations capabilities worldwide, closing the loop ... Read the full article
Five Sigma expands Series A funding round with Aquiline
26th January 2022
Five Sigma, a claims management solution provider, has expanded its Series A funding round from Aquiline Technology Growth (ATG), bringing the company's total funding to date to over $20 million. The Series A funding was initially announced in September last year, with Five Sigma planning to use the proceeds to optimise ... Read the full article
Archipelago expands property risk capabilities
26th January 2022
AI-driven technology platform Archipelago has enhanced its solution to address exposures among buyers from its corporations with insurable property assets. Archipelago’s new enterprise solutions for its SaaS platform include cloud management of property data, AI-enhanced enrichment of geo-coding, COPE and cat-risk data, data insights and benchmarking. Its new product capabilities include the ... Read the full article
Reask closes funding round led by Tencent
21st January 2022
InsurTech Reask has closed its seed funding round led by Tencent, the global technology giant headquartered in China. Reask plans to use the funding on product development, operational expansion, and business development worldwide, including a focus on the London Market. The insurtech is currently taking on legacy Nat Cat modelling firms by ... Read the full article
Reinsurance tech adoption a mixed bag, but opportunity is huge: Webcast
5th November 2021
As the push for efficiency, digitalisation and innovation continues to gain traction in the global reinsurance industry, leaders and executives from across the risk transfer and technology sectors are optimistic about the future. Yesterday, we hosted a live webcast alongside sister publication Artemis, and in association with ... Read the full article
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