Swiss Re launches GenAI underwriting assistant

Swiss Re has launched an enhanced model of its Life & Well being underwriting handbook, Life Information, now that includes the Swiss Re Life Information Scout, a Generative AI-powered underwriting software.

The AI assistant leverages the Microsoft Azure OpenAI Service and is designed to streamline the underwriting course of by providingAI-generated solutions to queries, enabling underwriters to entry knowledgeable data effectively.

Swiss Re defined that underwriting in life & medical insurance is intricate, demanding exact and present data to judge an applicant’s threat precisely. Historically, underwriters spend appreciable time utilizing normal search instruments to sift by means of data and pinpoint related knowledge.

The reinsurer’s Life Information presents insights into current and future dangers.

The newest replace introduces Swiss Re Life Information Scout, which boosts the performance of Life Information by using GenAI to help underwriters in expediting threat evaluation. This software permits underwriters to enter skilled queries and obtain sourced AI-generated responses in seconds, thereby enabling faster and extra correct decision-making and enhancing data switch.

The combination of Azure OpenAI Service into this software additionally facilitates deeper analytical insights and helps improved decision-making by underwriters. At the moment obtainable as a pilot program in English, plans are underway to develop the rollout later this yr.

Julien Descombes, Swiss Re’s chief underwriting officer L&H Re, commented on the launch and the worth it brings to their shoppers’ underwriting processes.

“Our ambition is to supply insurers entry to the danger perspective we’ve got constructed into Life Information in an much more environment friendly and user-friendly means to assist them proceed to jot down sustainable enterprise and ship on their guarantees,” Descombes stated.

Catrin Hinkel, CEO of Microsoft Switzerland, additionally remarked on the collaboration and the mixing of Microsoft Azure OpenAI for Swiss Re’s service.

“Swiss Re can unlock the ability of superior analytics and Generative AI to supply new capabilities to the insurance coverage market by means of a safe, compliant, and dependable cloud surroundings. This highly effective mixture empowers Swiss Re to share their threat insights with shoppers, remodeling the best way they handle threat,” Hinkel stated.

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