SmartStream has announced the expansion of its AI-powered data management platform, SmartStream Air, into the insurance sector.
The move aims to address fragmented data systems, rising operational costs, and complex compliance demands, such as the International Financial Reporting Standard (IFRS) 17 and the Digital Operational Resilience Act (DORA).
The company states that as insurers face increasing transaction volumes and continued data quality concerns, SmartStream is targeting a growing need for scalable software-as-a-service (SaaS) solutions that can be deployed quickly.
SmartStream Air uses AI to reconcile and manage large volumes of data across functions including payments, claims, policyholder transactions and investment operations.
The platform enables insurers to detect anomalies and resolve discrepancies within seconds, regardless of data format or source.
It also offers functionality across key insurance workflows such as premium collection, commission payments, reinsurance settlements, financial reporting and fraud detection.
Robin Hasson, global head of reconciliations at SmartStream, says the company’s experience with global banks “gives us a strong foundation to support the insurance sector as firms identify use cases for increased automation”.
“We are already partnering with leading insurers to implement AI-powered solutions that enable data-driven agility,” he adds.
“In today’s environment, insurers must respond swiftly to market shifts and customer expectations, or risk falling behind due to inefficiencies and increased exposure.”
Karlyn Carnahan, head of North American insurance research at Celent, says 2025 would be “a transformative year in insurance” as the industry focuses on efficiency, technology partnerships and long-term growth.
“While getting arms around AI from a compliance and use case perspective is difficult, deploying proven technologies from other industries to support it will help insurers achieve their goals to grow efficiently and set up for the next several decades of business,” she notes.
