QBE Leverages AI for Underwriting Processes

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

Share this news item:

Insurance News

National Climate Risk Assessment Unveils Growing Insurance Challenges

17 Sep 2025: Paige Estritori

The Australian government has unveiled its inaugural National Climate Risk Assessment alongside a comprehensive National Adaptation Plan, highlighting the heightened impact of natural disasters on insurance accessibility across the nation. With an urgent call to action, the government acknowledges the impending climate threats and commits to intensifying efforts towards emission reduction. - read more

ASIC Extends Relief on Distribution Rules for Insurance Providers

16 Sep 2025: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has announced an extension of the exemption allowing general insurance providers to forego appointing product distributors as authorised representatives. This decision comes with the introduction of a new legislative instrument, 2025/520, which renews the previous framework, originally established under instrument 2015/682. The relief will now continue until August 27, 2030. - read more

Cyber Insurance Becomes Essential Amid Rising Digital Threats

12 Sep 2025: Paige Estritori

The recent cyberattack on Fortnum Private Wealth, accompanied by ASIC's legal action, has spotlighted the critical risks cyber threats pose to financial advice companies in Australia. With digital integration intensifying across the finance sector, the owner of Fortnum, Entireti, plans to defend the case, underscoring the necessity for ongoing vigilance in cybersecurity measures. - read more

Swiss Re Foresees Rising Premiums Amid Increasing Global Risks

10 Sep 2025: Paige Estritori

In a comprehensive analysis, Swiss Re Institute predicts that global property and casualty insurance premiums will rise in tandem with GDP over the upcoming decade. This growth is driven by amplified natural catastrophe losses, asset accumulation, and heightened economic and litigation claims inflation. The institute's report outlines the evolving insurance landscape amid increasing global risks. - read more

Insurance Council of Australia Assists NSW Flood Claimants

09 Sep 2025: Paige Estritori

In response to the devastating floods that swept across New South Wales' Mid North Coast in May, the Insurance Council of Australia (ICA) is taking proactive steps to support the affected residents. Insurers, organised by the ICA, will be meeting with flood victims in Kempsey, Taree, and Port Macquarie to provide guidance and support as they navigate their insurance claims. - read more

Click for more Insurance News

Life Insurance Articles

Common Mistakes to Avoid When Comparing Life Insurance Policies

Choosing the right life insurance policy is one of the most important decisions for Australians, especially for those who are middle-aged or older. Life insurance provides financial security for your loved ones in the event of your passing, ensuring that they are not burdened with financial hardships. - read more

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

Maximize Your Safety Net: Top Tips for Optimizing Income Protection Benefits

Welcome to a pivotal guide dedicated to empowering you with the essentials of income protection insurance in Australia. As we navigate through times of uncertainty, safeguarding your financial wellbeing becomes not just a priority, but a necessity. Income protection insurance stands as one of the key pillars of financial security, ensuring a steady flow of income during periods when you're unable to work due to illness or injury. - read more

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

Life After You: Planning Ahead With Quality Life Insurance for Your Family

Life insurance is a fundamental component of a robust financial plan, yet its significance is often underestimated. It serves as a safety net, ensuring that your loved ones are financially secure in the event of your absence. Understanding life insurance is the first step towards safeguarding your family’s future. - read more

Start Here !

Apply now for your free Insurance assessment and price comparisons!

Knowledgebase

Coinsurance:
A percentage of the cost of a covered healthcare service that you pay after you have paid your deductible.