QBE Leverages AI for Underwriting Processes

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

CHU Unveils Enhanced Residential Strata Insurance Policy

11 Mar 2026: Paige Estritori

CHU, Australia's leading strata insurance underwriting agency, has recently launched an upgraded residential strata insurance policy aimed at providing more comprehensive protection for property owners and strata communities. This initiative underscores CHU's commitment to evolving with the needs of its customers by simplifying insurance processes and enhancing community resilience. - read more

ICA Advocates for Reforms to Victoria's Strata Legislation

11 Mar 2026: Paige Estritori

The Insurance Council of Australia (ICA) has recently called for significant reforms to Victoria's strata legislation, highlighting a direct correlation between inadequate governance and escalating insurance premiums for residents. With approximately one in five Victorians residing in strata-titled properties, the need for effective management and oversight has become increasingly critical. - read more

NSW Implements Strata Reforms to Strengthen Maintenance Compliance

11 Mar 2026: Paige Estritori

The New South Wales (NSW) government has introduced a new tranche of strata reforms aimed at enhancing the maintenance and safety of apartment buildings across the state. A key component of these reforms is the proposal to grant NSW Fair Trading the authority to enter any apartment building without a warrant if there are reasonable grounds to believe that the owners corporation is failing to maintain common property adequately. - read more

Australian Insurers Anticipate Earnings Decline Following Record Highs

11 Mar 2026: Paige Estritori

In the 2024-25 financial year, Australia's general insurance sector achieved a remarkable return on equity (ROE) of 19%, marking the highest profitability in a decade. This exceptional performance was driven by robust underwriting results, substantial investment returns, and a period of relatively mild natural disaster activity. However, industry experts caution that such elevated earnings are unlikely to persist. - read more

Significant Drop in Australian Commercial Insurance Rates in Late 2025

11 Mar 2026: Paige Estritori

In the fourth quarter of 2025, Australia's commercial insurance sector experienced a notable 12% decline in rates, marking the most substantial reduction among the eight regions monitored by Marsh Risk's Global Insurance Market Index. This decrease follows an 11% drop in the preceding quarter, indicating a sustained trend of rate reductions in the Australian market. - read more

Click for more Insurance News