Swiss Re has outlined 10 areas where artificial intelligence (AI) could transform life and health insurance underwriting and claims processes.
The analysis, authored by Febby Mulewa, head of underwriting and claims portfolio for market units in life and health reinsurance, and Maura Feddersen, behavioral research manager, emphasizes that AI implementation in insurance workflows has moved from possibility to reality.
Swiss Re’s 2024 UK Life and Health Underwriting and Claims Watch revealed that underwriters and claims assessors face increasing case volumes, with substantial evidence to review for each case. The company indicated that AI could automate repetitive administrative tasks, such as document summarization, allowing professionals to focus on complex, high-value cases.
“AI can help automate repetitive administrative and labor-intensive tasks, such as summarizing documents, enabling more efficient case reviews and allowing additional time to address complex, high-value cases,” the report stated.
The report identified document summarization as a primary use case. In the UK, compiling a comprehensive general practitioner report can take a senior underwriter 45 minutes to an hour or more. Generative AI could reduce this time by condensing extensive reports into brief summaries highlighting key risk areas.
Other applications include improving access to underwriting manuals through conversational AI, deploying advanced chatbots for customer service, and detecting insurance fraud patterns through rapid dataset analysis.
The technology could also refine medical evidence requirements by learning from historical outcomes to predict which applicants need additional screening, moving away from uniform, age-based approaches.
Swiss Re emphasized that AI systems require human oversight and transparent communication about limitations. The report noted that while AI can improve processes, it may produce biases and errors.
“Human judgment remains vital in interpreting complex scenarios, validating AI outputs, and addressing nuanced cases that require empathy and contextual understanding,” according to the report.
The company stressed that insurance executives must ensure AI implementations comply with relevant regulations and uphold ethical principles including transparency, fairness, and accountability.
Swiss Re indicated that insurers must carefully assess where and when to invest in AI technology to maximize return on investment, noting that such investments require considerable time and resources. The report suggested that insurers who balance innovation with responsibility would likely lead in the evolving industry.
