Tag: AI

December 6, 2023

It should not come as a surprise that insurers are remaining somewhat cautious about adopting AI for customer-facing activities, especially given the lack of regulatory clarity. However, the opportunities to use AI technology to differentiate the value proposition and enrich […]

November 22, 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, […]

November 16, 2023

Cytora, an AI-powered digital risk processing platform, has entered into a strategic partnership with Veridion, a leading provider of AI-powered business data and market intelligence. This collaboration aims to reshape the landscape of commercial insurance underwriting by integrating Veridion’s comprehensive […]

November 15, 2023

AM Best does not believe artificial intelligence is the main cause of recent insurance industry layoffs. In commentary released today, the credit rating agency wrote that “it is too soon to cite AI as the leading cause of the job […]

November 2, 2023

The insurance industry has undergone a profound transformation thanks to technology. Innovative digital solutions continue to overhaul inefficiencies and outdated processes, but three trends will influence how the insurtech sector will evolve, one CEO told Insurance Business. According to Jason […]

October 31, 2023

Governments are ill-prepared for the hazards brought on by artificial intelligence and development should be paused, according to a new survey of risk specialists by insurance company AXA SA. Only 7% of almost 3,500 risk experts from 50 countries said […]

October 10, 2023

Global re/insurance broker Aon has transformed its reinsurance claims processing with the use of The Appian Platform, an AI-powered process platform that helps design, automate, and optimise complex processes. Aon’s Reinsurance Solutions started an operational transformation program in 2018, making […]

October 5, 2023

Reserv, a leader in AI-driven insurance claims processing, has announced the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain […]

October 3, 2023

Americans are overwhelmingly uncomfortable with the thought of dealing with AI insurance agents – good news for the country’s 1.6 million human insurance agents, according to a recent survey by online insurance agency GetSure. “AI is coming to insurance distribution […]

September 28, 2023

Loadsure, a prominent Insurtech MGA (Managing General Agent), has forged a strategic partnership with WeatherOptics, a leading weather intelligence platform. The collaboration aims to integrate weather intelligence into Loadsure’s risk calculations, bolstering their freight insurance capabilities. Loadsure is known for […]

September 26, 2023

With cyber crime fears being heavily highlighted in PwC’s “Insurance Banana Skins 2023” report, Reinsurance News spoke to Jim Bichard, Partner and Global Insurance Leader at PwC, at RVS 2023 about what the industry needs to do to try and […]

September 22, 2023

The advent of generative artificial intelligence (AI) has not only transformed the insurance industry’s view on artificial intelligence and machine learning (ML), but it’s also become a driving force for insurtechs to speed up their innovation and develop increasingly adaptive […]

September 7, 2023

Now that virtual and photo-estimating have become commonplace in insurance claims processes, collision repairers likely are aware of the challenges it can potentially cause — undervalued vehicles, undervalued damage, extended length of keys to keys, et cetera. But have you […]

August 3, 2023

The adoption of generative artificial intelligence (AI) like ChatGPT is projected to take off across the insurance landscape, with one expert putting the timeline at 12 to 18 months. Vikas Bhalla, executive vice president and head of insurance at data […]

August 2, 2023

Gradient AI, a software provider for the insurance industry, has announced a new partnership. American Trucking and Transportation Insurance Company, a Risk Retention Group (ATTIC, RRG), has selected Gradient AI’s claims management solution to enhance their ability to predict claim […]

July 18, 2023

Tractable, the London-based insurtech that uses artificial intelligence (AI) for visual claims assessments and disaster recovery, announced a $65M Series E investment led by SoftBank Vision Fund 2. Existing investors Insight Partners and Georgian participated in the round. Tractable said […]

June 16, 2023

Global data analytics and technology provider Verisk is expanding its anti-fraud claims solution with artificial intelligence that will enable insurers to identify potential fraud in claims photos with “lightning speed and laser precision.” “Drawing on millions of claims images in […]

May 24, 2023

Whether it’s underwriting, claims or customer service, it seems that artificial intelligence is top of mind for the insurance industry right now. William Bennett, partner at law firm Saxe, Doernberger & Vita, said on this episode of The Insuring Cyber […]

April 12, 2023

“I do appreciate the conservative nature of insurance,” Hackett said, speaking with The Insuring Cyber Podcast from the 2023 PLUS Cyber Symposium held this year in New York City. “You know, this is why the industry is still around. It’s […]

March 21, 2023

CompScience Insurance Services has announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies. Josh Butler, Founder and CEO, CompScience, commented, “We are pleased to be partnering with Nationwide and […]