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October 7, 2020

Insurance leader Swiss Re hedges investments in artificial intelligence

Reinsurance giant developing AI and data analytics capabilities in Microsoft's Azure cloud.

By Edward Qualtrough

Swiss Re was the No2 insurance company in GobalData’s September 2020 Insurance Sector Scorecard, behind only Chinese giant Ping An and listed ahead of many European rivals including AXA, Aon, Allianz, Chubb, Zurich and Aviva.

Cited by analysts for its investments in artificial intelligence and IoT, Swiss Re has become a leader in offering cyber insurance and developing its digital capabilities, and is recognised as one of the 25 organisations included in the first Technology Leaders Index.

Swiss Re announced a partnership with OneConnect Financial Technology in August 2020 to co-develop a digital end-to-end motor claims handling solution using AI-based image recognition, which can identify and develop the required repair strategy based on vehicle photos, estimate the cost of repair within minutes – and provide immediate payouts.

In March 2020, Swiss Re entered into a strategic alliance with Microsoft to develop new insurance products utilising the tech giant’s data analytics and AI capabilities, while also announcing it was moving its internal operating platform to the Azure cloud.

Previously chief technology & operations officer at Swiss Re Life Capital, Pravina Ladva had been focusing on how the company could better provide insurance through digital channels and simplify customer interactions using insurtech, before taking up the post as group digital transformation officer in July 2020.

Youngran Kim joined Swiss Re as the company’s first group chief technology officer in March 2020.

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