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GenAI Underwriting Assistant

Swiss Re Introduces GenAI Underwriting Assistant

Swiss Re has introduced an enhanced version of its Life & Health underwriting manual, Life Guide, now featuring the Swiss Re Life Guide Scout, a Generative AI-powered underwriting tool.

The AI assistant leverages the Microsoft Azure OpenAI Service and is designed to streamline the underwriting process by providing AI-generated answers to queries, enabling underwriters to access expert knowledge efficiently.

Swiss Re explained that underwriting in life & health insurance is intricate, demanding precise and current information to evaluate an applicant’s risk accurately. Traditionally, underwriters spend considerable time using standard search tools to sift through information and pinpoint relevant data.

The reinsurer’s Life Guide offers insights into present and future risks.

The latest update introduces Swiss Re Life Guide Scout, which enhances the functionality of Life Guide by employing GenAI to assist underwriters in expediting risk assessment. This tool allows underwriters to input professional queries and receive sourced AI-generated responses in seconds, thereby enabling quicker and more accurate decision-making and enhancing knowledge transfer.

The integration of Azure OpenAI Service into this tool also facilitates deeper analytical insights and supports improved decision-making by underwriters. Currently available as a pilot program in English, plans are underway to expand the rollout later this year.

Julien Descombes, Swiss Re’s chief underwriting officer L&H Re, commented on the launch and the value it brings to their clients’ underwriting processes.

“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,” Descombes said.

Catrin Hinkel, CEO of Microsoft Switzerland, also remarked on the collaboration and the integration of Microsoft Azure OpenAI for Swiss Re’s service.

“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,” Hinkel said.

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