QBE, a leading international insurer, is expanding its use of Generative Artificial Intelligence (Gen AI) across its global operations to enhance efficiency and productivity.
In December 2023, QBE launched its first Gen AI tool, the Cyber Underwriting AI Assistant, for North American underwriters. This tool streamlines the review process of broker submissions, cutting review times by 65% and allowing underwriters to focus on more submissions and improve risk selection. According to Matt Mansour, QBE’s Group Executive of Technology & Operations, the tool is key to unlocking growth opportunities and improving efficiency.
Following its success in North America, the AI Assistant was introduced to QBE’s European operations in April, focusing on key brokers and helping underwriters quickly assess submissions for completeness and risk control. In June, QBE expanded its AI capabilities further by launching a Gen AI solution for Workers’ Compensation underwriters in Hong Kong and Singapore.
QBE’s approach to AI is strategic and measured, with plans to broaden its suite of AI products while maintaining a strong focus on responsible use. The company is committed to ensuring AI delivers tangible benefits for customers, partners, and employees without introducing biases.
Looking ahead, QBE plans to extend its Gen AI tools to support underwriting activities in its Australia Pacific business, aiming to streamline processes and drive greater efficiencies. As QBE continues to innovate, its strategic use of Gen AI is set to play a crucial role in modernizing its operations and delivering better outcomes globally.