QBE Leverages AI for Underwriting Processes

3

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Initially introduced in the US in December, the Cyber Underwriting AI Assistant has revolutionized the initial assessment phase. The assistant swiftly evaluates submissions for completeness, appetite, and risk management effectiveness, empowering underwriters to make quicker and more informed decisions.

Building on this momentum, QBE extended the use of this AI tool to its European cyber underwriting team in April, contributing to a cohesive and streamlined process across the continent. Furthermore, the launch of an AI-driven workers’ compensation tool in Hong Kong and Singapore this June marks another milestone, enhancing underwriting activities by deploying AI technology.

QBE is not stopping there. The organization plans to further harness AI to support underwriting operations in its Australia-Pacific division, illustrating its commitment to integrating cutting-edge technology into its global business strategies.

Matt Mansour, QBE's Group Executive for Technology and Operations, expressed the company's enthusiasm about the expansion. “Scaling this tool across QBE is a critical step in our journey to optimize underwriting processes. We aim to streamline large submissions, enhance comprehension, and expedite decision-making, all of which ultimately improve our cyber submission protocol,” he said.

Mr. Mansour emphasizes QBE’s strategic focus on harnessing AI to drive operational efficiency and enhance user experiences for customers, partners, and employees alike. “We are identifying key areas where generative AI can have the most profound impact, such as underwriting, and ensuring its application is both responsible and effective,” he added.

Published:Wednesday, 7th Aug 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

Share this news item:

Insurance News

Clear

Bupa's Strategic Expansion into Mental Health Services

29 Jan 2026: Paige Estritori

Bupa, a leading health insurer in Australia, has unveiled plans to significantly enhance mental health services by establishing a network of clinics named Mindplace. This initiative aims to open 60 clinics nationwide by 2027, aligning closely with the government's objective of operating 61 walk-in Medicare Mental Health Centres by mid-2026. - read more

Federal Support Secures Cohealth's GP Services Amid Financial Strain

29 Jan 2026: Paige Estritori

In response to financial challenges faced by Cohealth, a non-profit community health service, the federal government has allocated $1.5 million to maintain its GP services in Melbourne's inner north and west. This funding ensures that clinics in Collingwood, Fitzroy, and Kensington will remain operational until 31 July 2026, providing essential care to approximately 12,500 patients who were at risk of losing access to their GPs. - read more

Rising Out-of-Pocket Costs Challenge Australia's Universal Healthcare

29 Jan 2026: Paige Estritori

Patients Australia, in collaboration with La Trobe University, has released the 2025 Patient View Report, shedding light on the increasing financial burden faced by Australians seeking healthcare services. The report indicates that 62% of patients incur out-of-pocket expenses when visiting their GP, with nearly half of these individuals paying an average gap fee of $51 or more. - read more

Australian Insurers Adapt Investment Strategies Amid Geopolitical and Economic Changes

29 Jan 2026: Paige Estritori

Australian insurers are actively revising their investment portfolios in response to evolving geopolitical events and a stabilizing economic environment. A recent report by Janus Henderson Investors reveals that 47% of insurers plan to increase their investment portfolio risk in the next 12 months, with a significant focus on private markets. - read more

Mandatory Professional Indemnity Insurance for NSW Builders by 2026

29 Jan 2026: Paige Estritori

Registered building practitioners in New South Wales are facing a critical deadline to secure professional indemnity (PI) insurance by July 1, 2026, in accordance with the Design and Building Practitioners Act 2021. This legislation, which originally set a 2025 enforcement date, has been extended by 12 months to allow the industry additional time for preparation. - read more

Click for more Insurance News