Swiss Re, a leading insurance provider, has released a GenAI-powered underwriting assistant in a new version of its underwriting manual. The GenAI assistant integrates Microsoft Azure OpenAI technology to help underwriters boost the efficiency and quality of their work.

The Swiss Re Life Guide Scout uses GenAI to provide answers compiled from curated expert knowledge in response to questions by the underwriter, the company said. 

Life and Health insurance underwriting is a complex process which requires accurate and up-to-date information to assess an insurance applicant’s risk. In order to make correct decisions, underwriters need to spend a significant amount of time researching and reviewing information using standard search tools. 

Life Guide is Swiss Re’s Life and Health underwriting manual, which helps underwriters understand current and future risks. The new augmented version of the manual comes equipped with a GenAI assistant, which helps underwriters speed up risk assessment. 

Swiss Re said the GenAI assistant will provide underwriters with a detailed answer to their professional queries in seconds. This facilitates them to make faster, more precise decisions and improves knowledge transfer, the company said. 

GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (GAGR) of 35% between 2022 and 2030.

In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.