Life Insurance Australia :: News
SHARE

Share this news item!

QBE Leverages AI for Underwriting Processes

QBE Leverages AI for Underwriting Processes

QBE Leverages AI for Underwriting Processes?w=400

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.

QBE has significantly advanced its deployment of artificial intelligence to bolster its underwriting efficiency and accuracy across various geographical regions.
Following a successful pilot program in North America, QBE has noted a drastic reduction in the review time required for broker submissions by its cyber underwriters-cutting the workload by two-thirds.

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

Allianz Partners Introduces Tailored Cruise Travel Insurance for Australians
Allianz Partners Introduces Tailored Cruise Travel Insurance for Australians
22 Dec 2025: Paige Estritori
In a strategic move to cater to the growing number of Australian cruise enthusiasts, Allianz Partners has unveiled a cruise-specific travel insurance product in collaboration with Norwegian Cruise Line (NCL). This initiative aims to provide comprehensive coverage tailored to the unique needs of cruise travellers. - read more
Australian Insurers Face Challenges in Cybersecurity Readiness
Australian Insurers Face Challenges in Cybersecurity Readiness
22 Dec 2025: Paige Estritori
Recent findings from the PwC Insurance Banana Skins Survey reveal that Australian insurers are trailing behind their global counterparts in cybersecurity preparedness. This lag is particularly concerning given the rapid evolution of cyber threats, especially those enhanced by artificial intelligence (AI). - read more
Australian General Insurers Report Record Profits Amid Premium Hikes
Australian General Insurers Report Record Profits Amid Premium Hikes
22 Dec 2025: Paige Estritori
Australia's general insurance industry has reported a remarkable financial performance, achieving a 19% return on equity (ROE) for the 2025 financial year-the highest in a decade. This significant milestone reflects a combination of strategic premium increases and favourable market conditions. - read more
Australian Life Insurance Sector Anticipates Steady Growth Amid Economic Recovery
Australian Life Insurance Sector Anticipates Steady Growth Amid Economic Recovery
22 Dec 2025: Paige Estritori
The Australian life insurance market is on a trajectory of steady growth, with projections indicating an increase in gross written premiums (GWP) from $26.2 billion in 2025 to $30.5 billion by 2029. This represents a compound annual growth rate (CAGR) of 3.9%, reflecting a positive outlook for the sector. - read more
ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Premiums
ICA Advocates for Overhaul of Civil Liability Laws Amid Rising Insurance Premiums
22 Dec 2025: Paige Estritori
The Insurance Council of Australia (ICA) has recently released a white paper highlighting the urgent need for reforms to state and territory civil liability laws, which have remained largely unchanged for nearly 25 years. These outdated laws are contributing to significant increases in public liability insurance premiums, affecting a wide range of businesses across the nation. - read more
Click for more Insurance News


Life Insurance Articles

Understanding the Role of Life Insurance in Financial Security
Understanding the Role of Life Insurance in Financial Security
Life insurance can seem complex at first, but understanding the basics can help demystify this important financial product. At its core, life insurance is a contract between you and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon your passing, in exchange for premium payments. - read more
Life Insurance and Estate Planning: What You Need to Know
Life Insurance and Estate Planning: What You Need to Know
Life insurance and estate planning are critical components of financial security. They ensure that your loved ones are protected financially when you are no longer around. By understanding these tools, you can take significant steps to secure your family's future. - read more
Understanding Life Insurance: How to Determine Coverage Amounts
Understanding Life Insurance: How to Determine Coverage Amounts
Life insurance is a cornerstone of financial planning, offering peace of mind to you and security for your loved ones. It's a contract between you and an insurance company: in exchange for regular premiums, the insurer agrees to pay a sum of money to designated beneficiaries upon your passing. This vital tool ensures that your family's financial needs can be met during an incredibly difficult time. - read more
Top 5 Reasons to Consider Life Insurance While You're Young
Top 5 Reasons to Consider Life Insurance While You're Young
When you’re young, life is all about new experiences and making plans for a promising future. While factors like travel, career, and relationships often take centre stage, one aspect often overlooked is life insurance. It might seem like something to consider later in life, but starting a policy while you're young can be a savvy financial move. - read more
The Impact of Parenthood on Your Life Insurance Choices
The Impact of Parenthood on Your Life Insurance Choices
Life insurance, a contract between an insurer and a policyholder, is designed to provide financial protection to loved ones in the event of the policyholder's death. For parents, this protection takes on a new level of significance. The birth of a child heralds a profound shift in priorities, with a focus on safeguarding the future of one's family. Hence, understanding life insurance options becomes a crucial aspect of responsible parenting. - read more


Start Here !
life insurance
Apply now for your free Insurance assessment and price comparisons!

Start Here

Life Cover Amount:
Postcode:

All quotes are provided free and without obligation by a Specialist from our National Broker referral panel. See our Privacy Statement for more details.


Knowledgebase
Liability Insurance:
Insurance that provides protection from claims arising from injuries or damage to other people or property