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

Allianz Australia Penalised for Misleading Travel Insurance Information

15 Jan 2026: Paige Estritori

In a significant ruling, the Supreme Court of New South Wales has imposed fines totaling $16.8 million on Allianz Australia Insurance and its subsidiary, AWP Australia, for disseminating misleading information about their travel insurance products between 2016 and 2018. This decision underscores the critical importance of transparency and accuracy in the insurance sector. - read more

Surge in Medical Claims Among Australian Travellers Highlights Importance of Comprehensive Insurance

15 Jan 2026: Paige Estritori

In 2024, medical incidents emerged as the leading cause of travel insurance claims among Australian travellers, accounting for more than 40% of all claims handled by nib Travel. This trend underscores the critical importance of securing comprehensive travel insurance to mitigate the financial risks associated with medical emergencies abroad. - read more

Seafood Business Wins Insurance Dispute Over Storm-Induced Power Outage

15 Jan 2026: Paige Estritori

A recent ruling by the Australian Financial Complaints Authority (AFCA) has significant implications for businesses seeking insurance compensation for losses due to power outages caused by natural disasters. In this case, a seafood distribution company experienced substantial stock losses when a storm-induced power outage left its refrigeration systems inoperable for a week. The insurer initially denied the claim, citing a flood exclusion clause. - read more

Insurance Council Advocates for Liability Law Overhaul to Curb Rising Premiums

15 Jan 2026: Paige Estritori

The Insurance Council of Australia (ICA) has called for urgent reforms to civil liability laws to address the escalating costs of liability insurance premiums affecting businesses nationwide. In a recently released white paper, the ICA highlights the need to review state-based civil liability laws that have remained unchanged for nearly 25 years. The report identifies key areas requiring attention, including psychological injuries, worker-to-worker claims, and leisure and recreational risks. - read more

Australian Insurers See Profit Surge in Q3 2025

14 Jan 2026: Paige Estritori

In the third quarter of 2025, Australian general insurers reported a significant after-tax profit of nearly AUD 2.3 billion, marking an increase from approximately AUD 2.1 billion in the same period of 2024. This uptick reflects a combination of rising premium revenues and a reduction in claims, contributing to the industry's robust financial performance. - read more

Click for more Insurance News