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.
Prudential develops digital claims solutions for hospitals
28th June 2018
Prudential Hong Kong Limited has developed two new digital solutions to streamline the way consumers and medical professionals manage hospital claims in Hong Kong. Its new ‘Hospital to Prudential’ portal is designed to provide a simple, paperless hospital claims process for both customers and operators, while its Chatbot Claims platform aims ... Read the full article
MS Amlin partners with Cytora for AI driven commercial property underwriting
20th June 2018
Global insurer and reinsurer MS Amlin has announced a new partnership with artificial intelligence (AI) firm Cytora, which sees AI technology deployed into commercial underwriting processes to improve and assist with the automation of decisions throughout MS Amlin's commercial property portfolio. The new partnership will see MS Amlin use Cytora's solutions ... Read the full article
ETNA Insurance Agency acquired by RightSure Insurance Group
1st June 2018
RightSure Insurance Group has completed its eleventh book of business acquisition after acquiring Tucson-based ETNA Insurance Agency in a deal effective May 21. The acquisition provides ETNA customers with free access to RATEGuard - an AI-powered insurance management platform introduced by RightSure that automatically shops up to 40 carriers in preparation ... Read the full article
QBE invests in machine learning tech firm Hyperscience
9th May 2018
QBE Insurance Group has announced that its venture capital arm, QBE Ventures, has closed an investment into machine learning tech firm Hyperscience, and has entered into an agreement to roll out its solutions across QBE globally. Hyperscience uses artificial intelligence (AI) to develop solutions for automating office work across verticals like ... Read the full article
EY partners with InsurTech company Concirrus on AI-driven marine solutions
13th April 2018
EY has announced that it will collaborate with InsurTech company Concirrus to support the adoption of behavioural-based underwriting and risk management in marine insurance, using artificial intelligence (AI) powered software. The partnership is intended to help modernise the marine sector’s traditional demographic based underwriting models, which rely on data like the ... Read the full article
Intelligent machines will profoundly alter re/insurance industry: SCOR
12th April 2018
French-based insurer and reinsurer SCOR has predicted in a recent report that the re/insurance industry is likely to be profoundly altered by the growth and integration of intelligent machines, which will bring both significant opportunities and risks for companies. SCOR noted that the development of intelligent machines has recently been accelerated ... Read the full article
How artificial intelligence will impact re/insurance customers: SCOR’s Jennifer Coleman
4th April 2018
Despite all the potential benefits of artificial intelligence (AI), most re/insurers are not yet at a stage where they can harness the full potential of it within their business models. Even in its fledgling stages of innovation, AI has altered and improved the customer experience, driving efficiencies in underwriting, claims processing, ... Read the full article
Cape Analytics expands AI-driven property data coverage to national U.S market
4th April 2018
Cape Analytics, a re/insurance data analytics provider, has announced that its property data coverage has been launched across the entire continental U.S, and claims it is the first national coverage to provide instant, imagery derived property information. The expanded coverage will allow U.S re/insurers to instantaneously access data on over 70 ... Read the full article
Artificial Intelligence risks may outweigh benefits, reports Allianz
29th March 2018
In a new report, Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, has claimed that the advantages offered by increasingly integrated Artificial Intelligence (AI) applications in the re/insurance industry may be outweighed by the potential threats they bring. AGCS claims that increased vulnerability to malicious cyber-attacks and ... Read the full article
Why AI is a game changer for reinsurance: Denis Kessler
22nd March 2018
As the Digital Revolution automates physical labour and drives the computerization of cognitive tasks through the rise of Artificial Intelligence (AI), Chairman and Chief Executive Officer (CEO) of SCOR, Denis Kessler, commented in a recent report that AI and data collection will completely alter asymmetries in insurance transactions and refocus ... Read the full article
Big data, cyber security, and AI top InsurTech trends: Survey
15th March 2018
Top insurance trends where InsurTech is expected to make its mark in the next three years were identified in an Infosys market survey as big data for customer insight and wallet share, cyber security for data protection and compliance, artificial intelligence (AI) for underwriting and automation, and technology for business ... Read the full article
AI can deliver more efficient client value: Dan Glaser, MMC
19th February 2018
Marsh & McLennan (MMC) President and Chief Executive Officer (CEO) Dan Glaser discussed the role of Artificial Intelligence (AI) in both disrupting and advancing the re/insurance industry, noting its potential to improve data use and drive more efficient value to customers, in a recent interview with A.M. BestTV. Commenting on how ... Read the full article
Munich Re utilises Starmind’s AI to transform knowledge management
13th February 2018
Global reinsurance giant Munich Re is working with Starmind to transform and improve the reinsurer's knowledge management through advanced technology and artificial intelligence (AI). Starmind's technology is designed to expand human ingenuity by applying neuroscientific principles to AI, and reinsurer Munich Re is looking to transform its knowledge management via a ... Read the full article
CLARA raises $11.5mn Series A funding for AI insurtech claims solutions
5th January 2018
Artificial intelligence (AI) and data science company, CLARA Analytics, has announced a $11.5 million Series A funding round led by OAK HC/FT, a venture growth-equity fund investing in Healthcare Information & Services and Financial Services Technology. CLARA builds AI-based solutions that are focused on claims operations for both the property & casualty and ... Read the full article
76% expect London re/insurance market to be disrupted in coming decade
23rd November 2017
Barbican Insurance Group, the London-based specialty re/insurance player, is to research and explore trends that will influence and drive the future of the London insurance and reinsurance market. Barbican and Gracechurch Consulting conducted a survey on the future of the London Market focused on innovation and modernisation. The findings show that 76% ... Read the full article
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