Swiss Re has unveiled an enhanced model of its Life & Well being underwriting guide, Life Information, now that includes the Swiss Re Life Information Scout.
Swiss Re Life Information Scout is a generative synthetic intelligence-powered underwriting assistant.
It utilises Microsoft Azure OpenAI Service to streamline the underwriting course of by offering solutions to underwriters’ queries.
Life and medical health insurance underwriting is a fancy course of that calls for exact, present info to guage an applicant’s threat profile.
Historically, underwriters spend appreciable time utilizing commonplace search instruments to find and analyse related information for knowledgeable decision-making.
The superior Life Information incorporates Swiss Re Life Information Scout, a characteristic designed to expedite threat evaluation for underwriters.
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By inputting skilled queries, underwriters obtain AI-generated responses together with the data supply, enabling faster and extra correct choices and enhancing data sharing.
The combination of Azure OpenAI Service with Swiss Re’s information infrastructure and analytics prowess is alleged to supply deeper insights, in the end aiding higher human decision-making.
Swiss Re Life Information Scout is now out there as an English-language pilot programme, with plans for a broader deployment scheduled later within the 12 months.
Swiss Re chief underwriting officer of life and well being reinsurance Julien Descombes stated: “We’re excited to carry Generative AI to our shoppers who can now leverage this new characteristic to enhance their underwriting course of. Our ambition is to supply insurers entry to the danger perspective we now have constructed into Life Information in an much more environment friendly and user-friendly approach to assist them proceed to write down sustainable enterprise and ship on their guarantees.”
Microsoft Switzerland CEO Catrin Hinkel stated: “By integrating Microsoft Azure OpenAI, Swiss Re can unlock the facility of superior analytics and Generative AI to supply new capabilities to the insurance coverage market by means of a safe, compliant and dependable cloud atmosphere.
“This highly effective mixture empowers Swiss Re to share their threat insights with shoppers, reworking the way in which they handle threat.”
Earlier this 12 months, Swiss Re’s iptiQ and European camper-sharing platform Goboony collaborated to introduce a novel digital insurance coverage product.
