Page 19 - Insurance Times June 2023

Munich Re introduces Ross Mayne said that the development Microsoft, on the other hand, is an in-
represents another significant step for- dustry leader in technological solu-
next-gen AI-powered un-
ward for the industry, as well as reaf- tions, with Azure OpenAI being one of
derwriting solution firming the reinsurer's commitment to its notable products.
supporting its clients.
Reinsuring giant Munich Re has un- The integration of Microsoft Azure
veiled a next-generation AI-aug- Munich Re's AI solutions are now avail- OpenAI and Azure Power Virtual
mented underwriting solution, pow- able to life and health insurers in Asia Agents into Sapiens' offering will en-
ered by the firm's Automation Solu- Pacific, Middle East, and Africa. The able insurers to easily navigate com-
tions' new Predictor tech platform. firm plans to present the proposition plex documents. The inclusion of gen-
during the InsureTech Connect Asia erative AI solutions will enhance cus-
Utilizing the AI underwriting solution
2023 conference in Singapore, where tomer interactions across various do-
addresses several key challenges in
Munich Re is a gold sponsor. mains and languages, significantly re-
today's market, including convenience,
ducing the call volume for live agents.
time, and intrusiveness. The platform
leverages the combined prowess of Sapiens and Microsoft: Additionally, AI can support underwrit-
ers in their daily operations and expe-
both AI and data to improve customer
Pioneering Generative AI
experience, operational efficiency, risk dite the processes of claims handling
for the Insurance Sector and fraud detection.
selection, leading to growing profits for
life and health insurers. Global software solution provider Sapi-
ens International Corporation, and London's share of global
Predictor, which powers the solution,
Microsoft, have announced a strategic
is also integrated with other auto- insurance market 'stag-
partnership aimed at harnessing the
mated Munich Re solutions like
power of generative artificial intelli- nant' at around 8%, says
ALLFINANZ, SPARK, and NOVA.
gence (AI) in the insurance industry.
Through the proposition, the reinsurer LMG CEO
handles the end-to-end process of AI The collaboration's main objective is to Caroline Wagstaff, CEO of the London
model development, deployment, utilise AI's potential to improve effi- Market Group, which represents the
monitoring, management, and main- ciency and customer service in the in- specialist insurance sector in the City,
tenance. Munich Re will also offer re- surance industry. said that London's portion of the
insurance on policies underwritten by worldwide insurance market has been
Sapiens specialises in empowering fi-
these AI models as an optional service "stagnant", hovering around 8% in re-
nancial and insurance entities to digi-
to further support insurers and provide cent times.
tally transform and innovate their op-
alignment of interest and peace of
erations. Their low-code, cloud-based London's insurance market, centered
mind.
SaaS insurance platform offers core, around Lloyd's of London, is facing chal-
Munich Re Automation Solutions CEO data, and digital capabilities. lenges due to sluggish regulators and
18 June 2023 The Insurance Times