Swiss Re has launched a generative artificial intelligence (AI) assistant to its life and underwriting manual life guide designed to help increase the efficiency and quality of underwriting.
Swiss Re’s augmented version of its life guide is now equipped with Swiss Re Life Guide Scout, a new functionality powered by generative AI, that supports underwriters in speeding up risk assessment.
The AI assistant generates swift answers compiled from curated expert knowledge in response to questions asked by the underwriter in natural language.
Swiss Re Life Guide Scout is launched as a pilot programme in English with a wider roll-out planned for later this year.
It allows underwriters to make professional queries, receiving an AI-generated answer and the source of information, within seconds.
Swiss Re said: “Life and health insurance underwriting is a complex process that requires accurate and up-to-date information to assess an insurance applicant’s risk.
“To make the right decisions, underwriters invest a significant amount of time to search and review information using standard search tools to identify relevant sources and facts.
“Life guide helps clients understand current and future risks, so they can make informed decisions, and build strong, sustainable portfolios.
“This facilitates them to make faster, more precise decisions and improves knowledge transfer. With a solid data foundation and advanced analytics capabilities, the integration of Azure OpenAI Service unlocks deeper insights for improved human decision making.”
Julien Descombes, chief underwriting officer for life and health at Swiss Re, said: “We are 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 to help them continue to write sustainable business and deliver on their promises.”
Catrin Hinkel, CEO Microsoft Switzerland, added: “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.
“This powerful combination empowers Swiss Re to share their risk insights with clients, transforming the way they manage risk.”