The AI technology, developed by Swiss Re, integrates Microsoft Azure OpenAI Service to boost efficiency and quality in the underwriting process.
The complex nature of Life & Health insurance underwriting demands precise and current information to evaluate an insurance applicant’s risk accurately. Underwriters typically spend significant time searching and reviewing information using standard tools to identify relevant sources.
Life Guide, recognized as the world’s leading Life & Health underwriting manual, assists clients in understanding current and future risks, enabling them to make informed decisions and build strong, sustainable portfolios.
The augmented version of Life Guide now incorporates Swiss Re Life Guide Scout, a functionality driven by Generative AI that helps underwriters expedite risk assessment. Underwriters can pose professional queries and receive AI-generated answers with sourced information in seconds, leading to quicker and more precise decision-making and improved knowledge transfer.
The AI-powered assistant provides a robust data foundation and advanced analytics, offering deeper insights to enhance human decision-making. Swiss Re Life Guide Scout is currently being launched as a pilot program in English, with a broader rollout planned for later this year.
Julien Descombes, Swiss Re’s Chief Underwriting Officer L&H Re, 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.”
Catrin Hinkel, CEO Microsoft Switzerland, 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.”
