Advancing digital transformation in insurance

AI can impact and add value to the entire insurance value chain, bringing significant benefits to customers. For example, AI can help automate routine tasks, extracting insights from vast datasets, improving portfolio management and risk assessment, and streamlining claims and submissions processing. Swiss Re has been using advanced analytics and narrow AI successfully for a number of years. In 2024 we will roll out the pilots of our first innovative solutions augmented with Generative AI.

With the growth of digital ecosystems and interconnection, business interruption and cyber vulnerabilities rise, threating also data privacy and intellectual property.We see a huge challenge with the accumulation of risk. The concentration of cloud services exacerbates the risk of large losses due to accumulation effects.  

The use of AI carries inherent risks, such as issues related to data protection and confidentiality, intellectual property infringement, biased decision making, information security, and cyber threats. Swiss Re sets an industry standard with its mature governance processes and standards for the use of data and data analytics, including Generative AI. 

The digital economy sparks new business models and derives value mostly from services and intangibles. This creates changes to insurance protections needs, as well as opportunities for new digital insurance models/solutions:  

• Ecosystem partnership solutions that can be scaled with Application Programming Interfaces (API). and  end-to-end tailored customer solutions (UX),  

• Risk mitigation/prevention solutions modelling future risk scenarios,

• Automated solutions (automated/dynamic underwriting/claims and customer/client interfaces with LLM functions).