Swiss Re has introduced Swiss Re Life Guide Scout, a generative AI-powered underwriting assistant for life and health insurance, in collaboration with Microsoft Azure OpenAI service.
The new feature comes in an augmented version of Swiss Re’s life and health underwriting manual, Life Guide.
It aims to revolutionise underwriting efficiency and accuracy by generating rapid, expert responses to natural language queries from underwriters.
Underwriters can pose professional questions and promptly receive AI-generated answers, along with information sources.
According to Swiss Re, the tool enables faster and more accurate decision making and enhances knowledge sharing to improve human decision making, with a solid data foundation and advanced analytics capabilities.
Swiss Re Life Guide Scout is initially launching as a pilot programme in English, with a wider roll-out planned for later this year.
Julien Descombes, Swiss Re's chief underwriting officer of life and health reinsurance, comments: "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 at Microsoft Switzerland, says: "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."
