QBE has launched a new Generative Artificial Intelligence (Gen AI) solution, expanding its application across global operations.

Cyber ​​Underwriting AI Assistant was initially launched in December 2023 to support insurance companies in North America, enabling them to review broker applications more efficiently.

The AI ​​assistant has reduced review times by 65% ​​since its implementation.

“Cyber ​​Underwriting AI Assistant helps review applications faster, allowing our underwriters to focus on more applications, improved risk selection, and growth opportunities. We are excited to expand this tool across QBE,” said Matt Mansour, Group Executive Director of Technology and Operations at QBE.

Following its success in North America, the AI ​​solution was expanded to QBE’s European cyber insurers in April. The expansion aims to help insurers conduct initial submission reviews, ensure completeness, assess appetite, and evaluate the effectiveness of risk control.

In June, QBE provided its Gen AI solution to workers’ compensation insurers in Hong Kong and Singapore to streamline claim review. The insurer is exploring further expansion of its AI products and capabilities while maintaining a strategic approach.

“Our AI initiatives include a human element because we know that the value of this technology is demonstrated by our people,” Mansour added. “Considerations for the responsible use of AI include, for example, considering issues such as whether the use of AI provides a benefit to customers and partners and whether the use may lead to unfair bias.”

In the future, QBE plans to leverage Gen AI to support underwriting activities within its Australia-Pacific business.