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.
WindBorne’s new WeatherMesh brings AI forecasting to re/insurers
19th February 2024
WindBorne Systems, an environmental and weather intelligence company, has recently unveiled its groundbreaking AI forecasting model, WeatherMesh. This innovation holds significant promise for the re/insurance industry, offering improved risk assessment and enhanced claims management capabilities. WeatherMesh sets a new standard for accuracy in real-time, 24-hour global forecasts, surpassing Google DeepMind’s GraphCast ... Read the full article
Lucid Insurance to utilise Convr workbench to improve underwriting operations
19th February 2024
Convr AI, an artificial intelligence (AI) company serving commercial insurance organisations, has announced that Lucid Insurance Group will utilise its underwriting workbench to gain greater speed, accuracy and efficiency in their operations starting in 2024. To achieve this Lucid Insurance, a managing general agent (MGA) and specialty wholesale producer specialising in ... Read the full article
Insureds need to be aware of potential insurance gaps when using AI: Munich Re
19th February 2024
Global reinsurance giant Munich Re has highlighted how AI exposures within traditional insurance policies possess the ability to become a significant unexpected risk to insurers’ portfolios. This comes as the industry evaluates how to transfer capabilities in insuring traditional machine learning models to generative AI (GenAI) applications. A recent whitepaper released by ... Read the full article
AI’s potential impact on the re/insurance industry: Gallagher Re
15th February 2024
Gallagher Re, a reinsurance broker, highlights AI as a major focus of the InsurTech narrative in 2023, marking a turning point where AI gained serious traction in the re/insurance industry. According to data from Google, there has been exponential growth in AI interest across all industries since early 2023, peaking later ... Read the full article
Vouch launches novel insurance product to help AI startups innovate faster
12th February 2024
Vouch, a US-based provider of business insurance, has unveiled AI Insurance, a novel insurance product that helps artificial intelligence (AI) startups survive lawsuits and innovate faster. According to the firm, AI Insurance offers coverage for financial losses from AI products or services, which includes top-of-mind risks like large language model (LLM) hallucinations, ... Read the full article
Artificial Labs closes £8m Series A+ funding round
6th February 2024
Algorithmic underwriting insurtech, Artificial Labs has raised £8 million in a Series A+ funding round that was led by Augmentum Fintech, with participation from existing investors MS&AD Ventures and FOMCAP IV. From what we understand, Artificial Labs will use the funding to drive growth and continue its rapid expansion across the ... Read the full article
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
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