Swiss Re launch AI-powered underwriting assistant

Swiss Re has today launched an augmented version of its Life & Health underwriting manual which has been continually ranked the industry’s #1 global underwriting manual based on the NMG Consulting study.

Related topics:  swiss re,  Technology
Tabitha Lambie | Editor, Protection Reporter
22nd April 2024
Technology Integration
"This powerful combination empowers Swiss Re to share their risk insights with clients, transforming the way they manage risk. "
- Catrin Hinkel, CEO of Microsoft Switzerland

Swiss Re’s underwriting guide aims to help increase the efficiency and quality of underwriting by compiling knowledge from industry experts in hopes of streamlining risk assessments. This new version will be accompanied by Swiss Re’s Life Guide Scout, which is a Generative Artificial Intelligence-powered (AI) underwriting assistant that integrates Microsoft Azure OpenAI Service.

The reinsurer believes that with a solid data foundation and advanced analytics capabilities, the integration of Azure OpenAI Service will unlock deeper insights for improved human decision making.

For its pilot programme, this has been launched in English but a wider roll-out is planned for later this year.

“We’re excited to bring Generative AI to our clients who can now leverage this new feature to improve their underwriting process. Our ambition is to provide insurers access to the risk perspective we have built into Life Guide in an even more efficient and user-friendly way,” said Julien Descombes, Chief Underwriting officer of L&H at Swiss Re. He believes this will help them to “write sustainable business and deliver on their promises.”

Catrin Hinkel, CEO of Microsoft Switzerland, explained that “By integrating Microsoft Azure OpenAI, Swiss Re can unlock the power of advanced analytics and Generative AI to provide new capabilities to the insurance market through a secure, compliant, and reliable cloud environment.”

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