QBE scales Gen AI solutions across operations

International insurer QBE has implemented a new Generative Artificial Intelligence (Gen AI) solution and is scaling this new technology across its operations.

QBE launched its first Generative AI solution in December 2023, the Cyber Underwriting AI Assistant, for underwriters in North America which assists cyber underwriters in reviewing broker submissions more quickly.

The solution has delivered a 65% reduction in the time taken to review submissions and is enabling significant productivity improvements.

"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, QBE's Group Executive, Technology & Operations.

Following the launch of the Cyber Underwriting AI Assistant to cyber underwriters in the North America business, the Gen AI solution was extended to QBE cyber underwriters in Europe in April.

This first release in Europe covers key brokers with a focus on helping underwriters perform an initial review of submissions to check for completeness, appetite, and the risk control effectiveness.

"By enabling underwriters to cut through large submissions, understand their contents and take decisions more quickly, we aim to improve the cyber submission process," Mr Mansour said.

A Gen AI solution launched to Workers' Compensation underwriters in Hong Kong and Singapore in June, to support the underwriters' review of submissions.

QBE is exploring opportunities to expand their suite of Generative AI products and functional capabilities while maintaining a deliberate 'measured execution' approach that is aligned with strategic priorities.

Launching a Gen AI solution into different QBE business markets has established good momentum for scalability across QBE's operations.

Mr Mansour said there is a global focus from all QBE divisions on building AI solutions across QBE that deliver improved outcomes.

"We are exploring AI that drives disciplined business simplification, helps us increase efficiency and makes processes easier for our customers, partners and our people.

"Our Gen AI initiatives include a human element as we know that the value of this technology is unlocked through our people," Mr Mansour said.

"We're thinking about the areas where Gen AI could have the biggest impact - like underwriting - and applying responsible use of AI considerations and including our people in the process.

"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."

Generative AI has the potential to revolutionise and modernise insurance. QBE have ambitions for Gen AI to support underwriting activities in its Australia Pacific business, aimed at new submissions and driving greater efficiencies.

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