Swiss Re has unveiled an enhanced version of its Life & Health underwriting manual, Life Guide, now featuring the Swiss Re Life Guide Scout.
Swiss Re Life Guide Scout is a generative artificial intelligence-powered underwriting assistant.
It utilises Microsoft Azure OpenAI Service to streamline the underwriting process by providing answers to underwriters’ queries.
Life and health insurance underwriting is a complex process that demands precise, current information to evaluate an applicant’s risk profile.
Traditionally, underwriters spend considerable time using standard search tools to locate and analyse relevant data for informed decision-making.
The advanced Life Guide incorporates Swiss Re Life Guide Scout, a feature designed to expedite risk assessment for underwriters.
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By GlobalDataBy inputting professional queries, underwriters receive AI-generated responses along with the information source, enabling quicker and more accurate decisions and enhancing knowledge sharing.
The integration of Azure OpenAI Service with Swiss Re’s data infrastructure and analytics prowess is said to provide deeper insights, ultimately aiding better human decision-making.
Swiss Re Life Guide Scout is now available as an English-language pilot programme, with plans for a broader deployment scheduled later in the year.
Swiss Re chief underwriting officer of life and health reinsurance Julien Descombes 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.”
Microsoft Switzerland CEO Catrin Hinkel said: “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.”
Earlier this year, Swiss Re’s iptiQ and European camper-sharing platform Goboony collaborated to introduce a novel digital insurance product.