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.
Independent adjusters can outperform AI, says Association
6th June 2023
The 2023 annual dinner of the Association of Average Adjusters in London was filled with calls for marine insurance and legal professionals to recognise the indispensable value of independent average adjusters, notwithstanding the giant strides made within artificial intelligence (AI). The 200-plus members and guests at the Savoy Hotel event each ... Read the full article
Simplifai launches generative artificial intelligence tool for insurers
5th June 2023
Simplifai, an artificial intelligence (AI) automation solutions provider, has launched Simplifai InsuranceGPT, a custom-built GPT tool fuelled by the company’s no-code AI-powered platform. It is the first large language model (LLM) to be trained specifically on information directly relevant to the insurance sector, Simplifai stated. With InsuranceGPT, Simplifai has strengthened its end-to-end ... Read the full article
Digitally advanced countries are less likely to trust AI: Swiss Re Institute
2nd June 2023
Countries that are more digitally advanced are likely to include lesser people that trust artificial intelligence (AI) technology. A new analysis by Swiss Re Institute shows that countries such as Germany, France, the UK, Canada and the US are in the top 20 most prepared for AI out of 120 countries ... Read the full article
ZhongAn: Artificial intelligence an essential strategic asset for insurers
1st June 2023
ZhongAn Insurance and ZhongAn Technology have released China’s first-ever white paper on generative artificial intelligence (AI) technology, which is predicted to emerge as an essential strategic asset for insurance companies in the future. The ‘AIGC/ChatGPT Insurance Industry Application White Paper’ provides an in-depth analysis of more than 30 specific areas where ... Read the full article
Sapiens reaches agreement with Microsoft to leverage generative AI for insurers
23rd May 2023
Sapiens International Corporation has announced an agreement to integrate Microsoft Azure OpenAI and Azure Power Virtual Agents to provide generative AI solutions for insurance companies. According to the firm, this will allow customers to easily navigate complex documents such as policies, terms and conditions, and more, using natural large language AI ... Read the full article
CLARA Analytics launches AI platform for general liability claims
4th May 2023
CLARA Analytics, a provider for artificial intelligence (AI) technology for casualty insurance claims optimization, has launched its AI platform for general liability claims. The firm’s casualty lines AI platform ingests both structured and unstructured claims data, by using natural language processing to extract detailed information from claims reports, medical records, and ... Read the full article
Munich Re launches ‘innovative’ coverage for AI solutions
28th April 2023
Munich Re has launched aiSelf™, an "innovative" coverage for users who implement self-developed Artificial Intelligence (AI) solutions in their own companies. "This new cover enables you to mitigate the underperformance, unreliability and drift of machine learning models," Munich Re said. Munich Re provides insurance coverage to protect companies from potential financial losses ... Read the full article
Chat GPT & AI a growing concern for cyber insurance: Corvus’ Hedberg
24th March 2023
With the capabilities of Chat GPT and artificial intelligence (AI) continuing to advance, this technology is only going to get smarter and potentially more difficult to control as it can be used to facilitate security breaches and increase the scale of cyber-attacks, states Peter Hedberg, Vice President of Cyber Underwriting ... Read the full article
Machine learning & IoT to impact future of insurance industry: ACORD
6th March 2023
A recent survey on the future of the insurance industry conducted by ACORD has shown that increased sophistication in technologies like AI, machine learning, and the Internet of Things (IoT) is projected to have a large impact on the industry. The survey polled a variety of different insurance professionals about their ... Read the full article
Insurers need to ensure they develop and use AI ethically: WTW’s Chapman
6th December 2022
Artificial Intelligence (AI) and machine learning is a growing topic within both the insurance and reinsurance industry, with more companies using the technology to manage manual, low complexity workflows and dramatically increase operational efficiency. The technology also allows the ability to predict with greater accuracy losses and the behaviour of customers, ... Read the full article
AI use in Bermuda re/insurance market low, but set to accelerate: BMA
2nd December 2022
A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over the next five years. Machine learning, which focuses on the use of ... Read the full article
Actuaries highlight need for ethical use of AI in insurance
1st December 2022
While artificial intelligence (AI) promises faster and smarter decision making, the Actuaries Institute and the Australian Human Rights Commission (AHRC) worry about potential discrimination and highlight the need to prevent this. To address the issue, they created a Guidance Resource designed to help insurers and actuaries to comply with the federal ... Read the full article
Automation changing how insurers interact with consumers: PwC
1st December 2022
A new report from PwC Middle East has highlighted several key trends that are expected to make an impact on the future of the Middle East’s insurance industry. One of the key trends that the report addresses is how automation and artificial intelligence (AI), and how they are changing the way ... Read the full article
Skyward Specialty announces partnership with Gradient AI
10th October 2022
Specialty insurance firm, Skyward Specialty, has announced its partnership with Gradient AI, an artificial intelligence (AI) solutions provider for the insurance industry. According to the announcement, through this collaboration, the insurer aims to power its Accident and Health (A&H) division's latest technology driven stop-loss solution, SkyVantage. A rise in employer healthcare costs ... Read the full article
Verisk expands property estimating solutions with integration of Yembo’s tech
20th September 2022
Verisk has continued the expansion of its property estimating ecosystem with the integration of Yembo’s 3-D models and AI-Driven insights. Yembo’s AI-powered technology now integrates with Xactimate, says Verisk, enabling desk adjusters to view photo-realistic, 3-D models of interior damage created from videos captured onsite via smart devices. Siddharth Mohan, co-founder and ... Read the full article
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