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.
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
Machine learning and AI in an “arms race”: Concirrus’ CEO Andrew Yeoman
15th October 2021
Machine learning and artificial intelligence (AI) are now in an “arms race” within the insurance market, and what was a competitive advantage a year ago is ‘table stakes’ today, according to Concirrus CEO, Andrew Yeoman. In a recent interview with Reinsurance News, Yeoman discussed the impact that AI and tech has ... Read the full article
Swiss Re and Claim Genius partner on AI motor solution
23rd September 2021
Swiss Re has partnered with insurtech firm Claim Genius to implement an artificial intelligence (AI) powered solution for motor claims. Using real time AI damage assessment and an estimation platform, the firms hope to bring more efficiency to the motor claims process. "Swiss Re Solutions aims to deliver world leading claims management ... Read the full article
Arturo raises $25 million in Series B funding round
29th April 2021
Artificial intelligence (AI) and deep-learning property analytics company, Arturo has raised $25 million in a Series B funding round led by Atlantic Bridge Capital, with participation from RPS Ventures and existing investors Crosslink Capital and IAG Firemark Ventures. Using the funds, Arturo plans to expand its technical team to refine its industry-leading ... Read the full article
Munich Re partners with Spectrum Labs for AI safety systems
1st April 2021
Global reinsurer Munich Re has entered into a partnership with Spectrum Labs in order to set a new industry standard for AI-based Trust & Safety systems. Spectrum Labs provides patent-pending technology to consumer internet brands to help identify toxic behaviour online. The partnership will help protect its customers and manage their risk ... Read the full article
Arturo enters partnership with Urban Sky
11th March 2021
Artificial intelligence (AI) and deep-learning property analytics company, Arturo, has entered into a partnership with Urban Sky to incorporate the company’s stratospheric photos into its collection of property images. The partnership is expected to enable Arturo to provide a more accurate analysis to its insurance customers in the U.S., focusing on ... Read the full article
Insurance Europe warns of AI coverage challenges
17th February 2021
European insurance and reinsurance federation, Insurance Europe, has warned that changes to the existing liability framework for emerging technologies, such as artificial intelligence (AI), could result in challenging insurability issues. Insurance Europe supports the use of AI for exploring ways to more accurately forecast risk and develop new products, and also ... Read the full article
Aon enhances healthcare platform with EoG’s voice AI technology
29th January 2021
Re/insurance broker Aon has entered into a new partnership with Elements of Genius (EoG), one of the fastest growing privately held Artificial Intelligence (AI) companies in the U.S., to empower Aon's GoodMe platform with dynamic voice chatbots. Under the new collaboration, GoodMe, which is Aon's healthcare services platform, will be powered ... Read the full article
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