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.
There must be a significant focus on generative AI testing: Xceedance
1st February 2024
Xceedance, a global provider of strategic operations support, technology, and data services for insurance organisations, has said that there must be a "significant focus" on generative AI (Gen AI) testing, due to many insurers receiving great results from machine learning, automating tasks in claims and underwriting. However, the company warns, that ... Read the full article
AI has the potential to change the way consumers engage with & purchase insurance: INSTANDA
31st January 2024
As artificial intelligence (AI) and connected technologies continue to make an impact across the insurance value chain, it is very clear that there is a significant opportunity for AI to intersect operational efficiency and customer service, however the insurance industry is still in the embryonic stages of knowing exactly what ... Read the full article
US insurers willing to take more investment risk in 2024 despite concerns: Conning
26th January 2024
Over half of US insurers are willing to embrace more portfolio risk in 2024 and to welcome artificial intelligence tools in the investment process, according to a recent survey by insurance asset management firm Conning. The survey was completed by 300 investment decision makers at US insurance companies in November 2023. It ... Read the full article
FRISS partners with research initiative FIN-X to advance responsible AI in insurance
24th January 2024
FRISS, an AI-powered fraud and risk solution provider for P&C insurers, has partnered with FIN-X, a research initiative by the University of Applied Science Utrecht that focuses on innovative technologies and responsible artificial intelligence (AI). According to FRISS, this partnership underscores the company’s commitment to further advancing responsible AI practices within ... Read the full article
Applying NLPs for managing bordereaux brings efficiency and accuracy: AM Specialty
19th January 2024
As technology continues to develop, the re/insurance sector continues to adapt and apply various methods into their systems to change the way how certain tasks are completed, ultimately allowing for automation and saving valuable time that can be used for future tasks. Artificial intelligence (AI) remains a heavy topic in the ... Read the full article
Mark Kollar Consulting & Understudy Insurance launch AI powered joint venture
16th January 2024
Mark Kollar Consulting Group and Understudy Insurance Services have launched a joint venture in Renewal Book Solutions, LLC, an artificial intelligence-backed renewal book marketplace. With the technology offered through Renewal Book Solutions, teams can utilize the power of AI to manage business more effectively and scale for future growth, say the ... Read the full article
PPL & Artificial Labs team to redefine the outlook of digital placing for the London Market
10th January 2024
Placing Platform Limited (PPL) and Artificial Labs have signed a multi-year partnership agreement, which will see both firms working together to accelerate delivery of a fully integrated digital trading experience. The joint endeavour radically advances the date when every firm, large or small, within the London market can trade digitally in ... Read the full article
Generative AI will enable the re/insurance sector to become larger and more impactful: Cytora CEO
27th December 2023
As artificial intelligence (AI) continues to expand and widen across the industry, there has always been a growing concern surrounding how the technology may impact jobs within sectors, however, according to Richard Hartley, the CEO and Co-founder of Cytora, the technology should wind up creating more jobs across the industry. During ... Read the full article
AI to play a significant role in both cybersecurity and insurance: Cowbell’s Gupta
27th December 2023
As more organisations continue to apply and use artificial intelligence (AI) within their systems, the technology is expected to play "a crucial role in enhancing both efficacy and efficiency in addressing new challenges," says Rajeev Gupta, Co-founder and Chief Product Officer, Cowbell. Gupta explains that Cowbell anticipates witnessing more automation in ... Read the full article
GenAI deployment imminent, though scepticism remains: EY
12th December 2023
Despite 99% of financial services leaders in a recent EY survey reporting that their organisations were deploying Generative AI (GenAI) in some manner, over one in five respondents said they are nervous or sceptical about the potential impact of the tech, with insurance ranking highest in this category. EY's 2023 Financial ... Read the full article
Applying GenAI can improve loss ratios and interaction across the market: Planck’s Tsur
8th December 2023
As GenerativeAI (GenAI) continues to expand across the insurance and reinsurance sector, Elad Tsur, Co-Founder and CEO of Planck, explained during a recent interview with Reinsurance News how the technology can play a key advantage in helping to reduce loss ratios and bring more competitive rates to end customers. In terms ... Read the full article
Miller launches AI Digital Assistant for employees
8th December 2023
Specialist re/insurance broker Miller has launched a new artificial intelligence (AI) tool, MillerMo, based on technologies from Microsoft and OpenAI. It was designed to enable Miller employees - more than 800 people across its UK and international operations - to automate administrative tasks, allowing them to focus on the core elements of ... Read the full article
NAIC members approve model bulletin on use of AI across the industry
8th December 2023
The National Association of Insurance Commissioners (NAIC) membership has voted to adopt the Model Bulletin on the Use of Artificial Intelligence (AI) Systems by Insurers during the 2023 Fall National Meeting. "This initiative represents a collaborative effort to set clear expectations for state Departments of Insurance regarding the utilization of AI by insurance companies, ... Read the full article
Insurers remain cautious about adopting AI for customer-facing activities: EY
6th December 2023
It should not come as a surprise that insurers are remaining somewhat cautious about adopting AI for customer-facing activities, especially given the lack of regulatory clarity. However, the opportunities to use AI technology to differentiate the value proposition and enrich customer experiences cannot be overlooked, according to EY. The company states that ... Read the full article
AI is a journey, finding success does not happen quickly: Pasquarelli, OECD One AI Group
29th November 2023
Speaking recently at the Geneva Association’s 50th Summit in Zurich, Switzerland, Walter Pasquarelli, OECD One AI Group of Experts, explained how artificial intelligence (AI) can effectively be applied into businesses, as well as the steps that organisations should be making. He explained that it is important for companies to align the ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
