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.
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 For those who are not aware, Relativity6 addresses incorrect or out-of-date industry classification rating data and flagging of hazardous industries which allows underwriters to make critical rating ...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
Global insurance market facing a combination of climate, AI & regulatory challenges, GILC
23rd May 2024
A new report from Global Insurance Law Connect (GILC) showcases that natural disasters linked to climate change, cyber security, artificial intelligence (AI) and regulations related to consumer protection are the "biggest challenges" facing insurers across 2024. GILC's annual Risk Radar report is a collection of insights from law firms across 27 ... Read the full article
Revolutionizing risk assessment: How Allphins gives reinsurers data confidence for smarter & faster decisions
17th May 2024
Across the re/insurance sector, accurately assessing risk exposure is often portrayed as being a demanding task, fraught with disparate data sources and a lack of visibility. However, one company that is making progress to counteract this issue is Allphins, an artificial intelligence (AI) platform which is transforming the way companies ... Read the full article
CatX unveils AI-powered reinsurance submission creation & analysis tool
16th May 2024
CatX, the digital marketplace that connects re/insurers and brokers with alternative capital, has launched a stand-alone artificial intelligence-powered tool called Catamaran for the creation and analysis of reinsurance submissions. According to the announcement, brokers and underwriters will be able to use the tool to prepare high-quality structured submissions by uploading documentation ... Read the full article
UK customers’ view of insurance industry shifts with claims: Guidewire
15th May 2024
The latest edition of Guidewire's annual insurance customer attitudes study reveals a shifting view among UK customers toward the insurance industry, particularly when it comes to making claims. Titled ‘The Insurance Engagement Gap and its Impact on Perception and Innovation’, the report focuses on how factors such as the cost-of-living crisis, ... Read the full article
Responsible use of AI critical to consumer trust: Swiss Re’s Levy
14th May 2024
As the insurance market and its customers realise the potential of artificial intelligence (AI), it is yet not very clear how to apply the technology in a way that delivers enhanced engagement, and in turn, sales, Swiss Re’s Daniel Levy has stated. Principal Risk Consultant Levy has recently explored how insurers ... Read the full article
Paragon Insurance expands use of Kalepa’s AI-powered underwriting platform
13th May 2024
Multi-line specialty Managing General Agency (MGA), Paragon Insurance Holdings LLC has expanded its use of Kalepa's AI-powered Copilot underwriting platform to four additional programs. Kalepa’s Copilot will now support Paragon’s underwriters across Workers' Compensation, Specialty Property, Small Construction and Contractors, and Auto Dealers programs to achieve underwriting excellence through improved efficiency, ... Read the full article
Synthetik successfully demonstrates its advanced flood analysis tool
13th May 2024
Synthetik has announced the successful demonstration of Flowcore, its "Flood Data Collection and Analysis" platform designed for modelling flood scenarios and predicting resulting damages and financial/insurance losses. Flowcore integrates Synthetik's specialised GPU-accelerated flood simulation code and employs artificial intelligence (AI) to deliver rapid results. This capability enables the assessment of cumulative ... Read the full article
AI has a crucial role for underwriters despite risks: Denninger, Capgemini
9th May 2024
In a recent interview with Reinsurance News, Adam Denninger, Global Insurance Industry Leader at Capgemini, emphasised the critical role of AI integration in underwriting practices, while acknowledging insurers' likely cautious approach due to various challenges and risks. Denninger asserts that adopting AI technology is essential for property and casualty (P&C) insurers ... Read the full article
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