Around the 25th Baden-Baden Reinsurance Meeting, as the market prepares for the key January 1st renewals, Nikhil da Victoria Lobo, Head of P&C Reinsurance for Western & Southern Europe and Middle East & Africa at reinsurer Swiss Re, highlighted how artificial intelligence (AI) and emerging technologies are reshaping the reinsurance landscape.
In the latest Reinsurance News video interview, now available to watch in full, da Victoria Lobo explained how Swiss Re is embedding a technology-first mindset across the organisation.
“Here at Swiss Re, we believe AI is transformative, and it’s transformative for what it will do on the underwriting assessment. It’s transformative on what it will do for claims management, and it’s transformative what it will generally do for productivity,” he said.
He continued: “We’ve really embedded in the company the mantra that, in whatever role people work, they should have a technology-oriented mindset.”
“I think the technology is complemented by human decision-making. We believe that technology and AI will really make the underwriters better educated, better decision-makers, and more responsive to the need. That’s how we see the empowerment of AI.”
On innovation and sustainability, he highlighted Swiss Re’s efforts to create new ways to tackle long-standing risks and the importance of public private partnerships. “I’m very proud that Italy, this year, is launching its new natural catastrophe law and system. And again, it’s clear that it will be improved over time, but the Italians are taking action, and we should applaud them for doing so.”
On the topic of parametric insurance, da Victoria Lobo highlighted Swiss Re’s approach: “Secondly, I think when you talk about the parametric Center of Excellence, Swiss Re has done parametric insurance and reinsurance for many years, but we bring this all together in this new reinsurance Center of Excellence so that we can help clients innovate and also expand the use of this very responsive form of insurance.”
The executive said that Swiss Re is dedicating significant effort to making sustainability a commercial solution for clients, particularly through initiatives like build back better. “We have teams working with clients to embed mitigation and resilience features into everyday reinsurance,” he explained.
“By transferring that know-how to our clients, they in turn help their own clients become more resilient. For me, AI and these new structures, as you say, will hopefully make insurance not only more accessible but also more approachable for everyday people.”
Watch the rest of the video to hear his insights on emerging technologies, secondary perils and frequency covers, the upcoming 1.1 reinsurance renewals, and more.
The full video interview is embedded below.
The post AI is transformative for the reinsurance industry: Swiss Re’s Nikhil da Victoria Lobo appeared first on ReinsuranceNe.ws.
