Swiss Re ClaimsGenAI

Verification pending

by Swiss Re · Reinsurer

Market unit: Global

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Generative AI solution that automates aspects of insurance claims handling. In its first year it generated over 1,000 alerts for potential irregularities, contributing to a multi-million fraud-savings pipeline.

Generative AIAnomaly detectionNon-life reinsuranceProperty insurance

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AI capability and maturity

AI capability level

UnderstandGenerateReasonDecideActCollaborate

Capability Maturity Score (CMS)

4 / 6

Business Adoption Score (BAS)

4 / 6

AI Development Index (ADI)

16 / 36

See more information and theoretical background

Business context

Purpose of use: Automate claims handling and surface irregularities for investigation.
Value chain steps: Claims managementFraud detection and prevention
Insurance branches: Non-life reinsuranceProperty insurance
Application scope: Internal only
Business criticality: Business critical
Country or market unit: Global

Value and impact

Added value category: Cost reductionEfficiency gainRisk reduction

Technical details

AI category: Generative AIAnomaly detection
AI platform provider: Self-hosted
Cloud provider: Multi-cloud
Automation level: 3/5
Estimated IT difficulty: 4/5

Compliance and governance

EU AI Act risk category: High risk
EU AI Act role: Provider
Relevant policies: EU Artificial Intelligence Act

Metadata

Development type: Scaled application
Go-live date: Jun 1, 2024
License model: API service
Original source: https://www.swissre.com/risk-knowledge/advancing-societal-benefits-digitalisation/how-generative-ai-is-transforming-insurance-claims-claimsgenai.html

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