Howden Re and the UCL School of Management have secured £200,000 in government funding as part of the Knowledge Transfer Partnership initiative designed to develop AI-powered tools aimed at transforming reinsurance pricing and accumulation modelling.
The 18-month project will focus on the development of a tool designed to standardise and automate key data ingestion workflows using large language models, machine learning, and cloud technologies.
“We're thrilled to be collaborating with UCL on this AI product, a first of its kind in the reinsurance space,” said Dr Melodie Vanderpuye, project supervisor, Howden Re. “As risks become ever more complex and interconnected, the role of re/insurance in making sense of uncertainty and putting a price on it has never been more vital. With this investment, Howden Re reinforces our commitment to innovation, increasing efficiency and solving data transparency problems in a scalable way.”
Dr Deyu Ming, project academic supervisor, UCL School of Management, added: “This KTP not only advances the frontier of applied AI research, but also shows how academic-industry partnerships can co-create impactful solutions to complex and real-world data challenges in the reinsurance space.”
A full-time KTP associate is yet to be appointed by Howden Re to lead the project.
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