QBE expands AI to boost underwriting efficiency

QBE expands AI to boost underwriting efficiency | Insurance Business Asia

Insurance News

New technology to reduce review times by 65% in key markets

Insurance News

By
Mav Rodriguez

QBE has rolled out a new generative artificial intelligence (Gen AI) solution, expanding its application across various global operations.

Initially launched in December 2023, the Cyber Underwriting AI Assistant was introduced to support underwriters in North America, enabling them to review broker submissions more efficiently.

The AI Assistant has achieved a 65% reduction in review times since its implementation.

“The Cyber Underwriting AI Assistant assists with a faster submission review, allowing our underwriters to focus on more submissions, improve risk selection, and growth opportunities. We are pleased to scale this tool across QBE,” said Matt Mansour, group executive for technology and operations at QBE.

Following its North American success, the AI solution was extended to QBE’s European cyber underwriters in April. This expansion aims to assist underwriters in performing initial submission reviews, ensuring completeness, assessing appetite, and evaluating risk control effectiveness.

In June, QBE introduced a Gen AI solution for Workers’ Compensation underwriters in Hong Kong and Singapore to streamline submission reviews. The insurer is exploring further expansion of its Gen AI products and capabilities while maintaining a strategic approach.

“Our Gen AI initiatives include a human element as we know that the value of this technology is unlocked through our people. The responsible use of AI considerations include, for example, considering issues such as whether the use of Gen AI delivers a benefit for customers and partners and whether the use could result in unfair bias,” Mansour said.

Looking ahead, QBE plans to leverage Gen AI to support underwriting activities within its Australia Pacific business.