Insurance companies are automatically up to date

It’s important for reinsurance companies to learn about potential damage claims as early as possible. When it comes to larger claims such as weather phenomena, they often only receive information about the situation on the ground or the scope of the damage after-the-fact via official channels. These types of claims generally go to the actual insurer first and are then passed on from there to the reinsurance companies.

The AI system automatically reads global news sources such as online media, notifications from authorities and social media platforms such as Twitter, Facebook or Instagram. The application classifies the information and automatically filters out relevant insurance claims. This enables the reinsurance companies to receive information about claims events, such as catastrophes, ahead of time. The experts can then compare this with other sources of information to determine the size of the claim and the resulting insured damages.

The AI solution enables reinsurance companies to monitor claims events, allowing them to find out about certain insurance claims faster than as was the case in the past. Plus, the reinsurance company also finds out about uninsured claims events. Expanding the claims database enables experts to gain a better understanding of the claims and thus optimise the tariff calculation.