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.
MAPFRE and Cyberwrite partner to promote cyber protection for SMEs with AI
29th November 2023
MAPFRE and technology provider Cyberwrite have joined forces to help the insurer's clients reduce the risk of cyber-attacks with AI. The Spanish firm explained that Cyberwrite will provide it with a cyber insurance risk platform for SME companies, with the aim of having a more accurate knowledge of the risk at ... Read the full article
MAPFRE’s Huertas calls to legislate on the ethical risk of AI
28th November 2023
Speaking at the Geneva Association Summit 50, MAPFRE’s Chairman and CEO, Antonio Huertas explained that the industry "must legislate on the ethical risk of AI", emphasizing that this must be done judiciously. He explained that "on a global stage, Europe has to strike the balance between necessary regulation and stifling competitive ... Read the full article
AM Best panel explores how GenAI & ChatGPT are reshaping the insurance industry
28th November 2023
A recent panel hosted by AM Best, that included insurance and technology experts, examined how Generative AI and ChatGPT technologies will play a key role in driving the customer experience across the industry. The panel featured, Arun Balakrishnan, Chairman & CEO of Xceedance, Ray A. Mirza SVP of Berkshire (BHSI), and ... Read the full article
Insurwave acquires specialty insurance AI tech from EY
28th November 2023
London-based insurtech platform Insurwave has acquired AI technology designed for the specialty insurance market from EY. According to Insurwave, the AI technology has been integrated into its existing platform, which focuses on providing insurers, risk managers, and brokers with a real-time view of data including live asset tracking and aggregate exposure ... Read the full article
Too early to name AI as the leading cause for job losses across the industry: AM Best
27th November 2023
With artificial intelligence (AI) continuing to make an impact across the industry, by transforming the insurance underwriting process, and the value chain by boosting efficiency and improving accuracy, the technology is also creating potential for insurers to further improve productivity and minimize, if not actually eliminate, human touch points, according ... Read the full article
73% of UK insurance execs expect generative AI to take their jobs: FintechOS
22nd November 2023
73% of UK insurance executives anticipate that Generative AI (GAI) will eventually take their jobs, according to a new study launched by FintechOS. The firm's new study, ‘Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry’, unveils a host of varied opinions among UK insurance companies on the expectations, implementation, ... Read the full article
Generative AI expected to impact many different insurance lines: Aon
22nd November 2023
The insurance market’s overall understanding of generative AI-related risk is still within it's early stages, but this developing form of the technology is expected to impact many different lines within the sector, such as Technology Errors and Omissions / Cyber, Professional Liability, Media Liability, Employment Practices Liability, and more, reports ... Read the full article
AI to reignite global M&A market in 2024, says WTW
21st November 2023
Artificial intelligence (AI) is seen as a "potential boon for improving M&A processes and value creation," according to Jana Mercereau, Head of Corporate M&A Consulting, Great Britain at WTW. As per WTW, historic levels of inflation, rising interest rates, and geopolitical instability contributed to a "slump in deal activity that bottomed ... Read the full article
The industry’s use of data & analytics positions it well for AI productivity gains: Moody’s
17th November 2023
The insurance industry's widened use of data and analytics positions it well for AI productivity gains, as many different insurers have been gradually leveraging AI technology for a number of years. In a recent report from Moody's Investors Service, analysts highlight how deeper integration could offer opportunities to boost operating efficiency, which ... Read the full article
GenAI expected to significantly affect productivity and change roles: EY
25th October 2023
Majority of European leaders in the insurance sector expect Generative Artificial Intelligence (GenAI) to significantly affect productivity and change roles; with limited AI knowledge, future regulation, and ethics being leaders’ top concerns, according to EY. The new EY European Financial Services AI Survey included executives from 24 European insurance firms – ... Read the full article
European reinsurers say the industry is “really piloting” the usage of AI
20th October 2023
As AI technology continues to be a key talking point across the re/insurance industry, major firms, Swiss Re and Munich Re have explained that the adaption of the technology within the sector remains within its early days and piloting stages. This was showcased at Swiss Re's Baden-Baden media conference, when Anne ... Read the full article
Re/insurers need the right tech to increase allocation to private markets: SS&C’s Ramsay
5th October 2023
During a recent interview with Reinsurance News, Jereme Ramsay, Director, Business Development & Client Relations, Bermuda, SS&C Technologies, explained that if re/insurers are looking to increase allocation to private markets, then they need to make sure they have a "combination of the right technology as well as operational and accounting ... Read the full article
Swiss Re and Wysa launch first insurance-specific mental health app
29th August 2023
Swiss Re Reinsurance Solutions and Wysa, a provider of anonymous mental health support, have launched Wysa Assure, an Artificial Intelligence-based mental health support app. Australian MLC Life Insurance is the first to bring the solution to the market. Central to Wysa Assure's design is an AI chatbot built on cognitive behavioural ... Read the full article
Fortitude Re to optimise insurance policy servicing operations with IBM partnership
24th August 2023
Fortitude Re and IBM have entered into a $450 million agreement to collaborate on growth opportunities and transform the reinsurer’s life insurance policy servicing operations with the implementation of AI technology and other automation tools. According to the announcement, both firms have entered into a 10-year collaboration for administration of over ... Read the full article
AI becomes one of the top five emerging risks in Q2 2023: Gartner
11th August 2023
Generative artificial intelligence (AI), such as OpenAI’s ChatGPT and Google Bard, has become a top concern for enterprise risk executives in the second quarter of 2023, according to a recent report by Gartner, Inc. In May 2023, Gartner surveyed 249 senior enterprise risk executives to provide leaders with a benchmarked view ... Read the full article
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