Swiss Re has selected mea platform’s Generative AI (GenAI) solution for its global reinsurance and insurance operations, marking a significant expansion in the companies’ partnership.
According to reports, the decision follows the successful collaboration initiated in July 2023, when Swiss Re first adopted mea’s technology for its Corporate Solutions business.
The expanded agreement now extends mea’s GenAI capabilities to Swiss Re’s Property & Casualty (P&C) reinsurance operations, following a rigorous testing phase. Swiss Re, one of the world’s leading re/insurance companies, chose mea for its ability to streamline complex data processing, particularly for intricate formats like Schedules of Value (SOV) and Loss Runs in Excel and PDF formats.
mea’s platform, Ora, automates insurance processes by using natural language processing and machine learning to extract unstructured data from submission documents and convert it into structured, analysable data. The technology significantly reduces manual work, enhancing efficiency and cutting down the time and resources required to manage submission flows.
Tarun Kohli, Managing Director & Head Group Delivery Services, Swiss Re, said: “We are pleased to announce this partnership with mea which comes off the back of successful pilots across our reinsurance and insurance operations. We went through a rigorous selection process to identify a platform that is both innovative and mature enough to complement our state-of-the-art tech stack. mea’s capabilities have proven to be the right fit for us as Swiss Re is continuing its digital transformation journey.”
Marc Werder, Managing Director & Chief Innovation and Transformation Officer at Swiss Re Corporate Solutions, said: “With its GenAI-powered platform, mea’s technology helps us further enhance our data capabilities and simply processes where needed. The expansion of this partnership is part of our commitment to continuously optimising our business operations and driving innovation across the organisation.”
Martin Henley, CEO at mea, added: “We are thrilled to deepen our partnership with Swiss Re. This selection and expansion demonstrate the value and efficiency our solution brings to both Reinsurance and Insurance operations. We’re just scratching the surface of what’s possible, and we look forward to continuing to innovate and deliver value for Swiss Re.”
Source: Swiss Re
