Swiss Re expands partnership with GenAI platform mea for P&C reinsurance

Swiss Re expands partnership with GenAI platform mea for P&C reinsurance | Insurance Business Australia

Reinsurance

Swiss Re expands partnership with GenAI platform mea for P&C reinsurance

The collaboration now covers advanced data processing

Reinsurance

By
Kenneth Araullo

Swiss Re has announced an expanded partnership with mea, selecting the GenAI-powered platform to support its property and casualty reinsurance operations.

This follows the initial collaboration between the two companies that began in July 2023, when Swiss Re chose mea for its corporate solutions business.

The partnership, now in its second year, extends mea’s technology across additional use cases within Swiss Re’s operations.

Swiss Re said that it selected mea after a period of testing, citing its ability to process complex data formats such as Schedules of Value (SOV) and Loss Runs from Excel spreadsheets and PDFs. The expanded contract will allow Swiss Re to leverage mea’s generative artificial intelligence (GenAI) capabilities to handle these intricate formats more efficiently.

The mea platform uses its GenAI solution, Ora, to streamline insurance processes by automating data extraction from unstructured submission-related documents, transforming them into structured data. This reduces manual input and improves the management of inbound submissions, providing time and resource savings for insurers.

Tarun Kohli, managing director and head of group delivery services at Swiss Re, said that the company is pleased to deepen its partnership with mea.

“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,” Kohli said.

Marc Werder (pictured above) managing director and chief innovation and transformation officer at Swiss Re Corporate Solutions, said that mea’s GenAI platform enhances data processing and optimizes business operations.

“The expansion of this partnership is part of our commitment to continuously optimizing our business operations and driving innovation across the organization,” Werder said.

Martin Henley, CEO of mea, commented on the partnership’s growth, stating that the expansion shows the value mea 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,” Henley said.

What are your thoughts on this story? Please feel free to share your comments below.