Reinsurance giant Swiss Re began life in 1863, and was the first non-German Reinsurer. Since then it has striven for innovation, continually developing new products to enhance their offering to their Clients.
Having supported them as a recruiter for a number of years, I was continually struck by their appetite for new ideas. Several positions I supported them with were as focused on innovation in distribution as they were pricing and products.
The news that they are the first Reinsurer to adopt IBM's cognitive computer system 'IBM Watson' (Artificial Intelligence to the layman), is therefore no surprise!
Reinsurance giant Swiss Re is honing the way it assesses life insurance risk by engaging IBM's artificial intelligence system, Watson – a move that could improve the group's Australian profit margins amid tough business conditions. Swiss Re became the first global reinsurer to use IBM Watson, a cognitive computer system that is built to answer questions in natural language and "learn" from large amounts of unstructured data. ... "Systems like cognitive computing can continuously read the ever growing amount of information while helping us connect the dots and making it easier to interpret that information in the right context," Swiss Re group chief operating officer Thomas Wellauer said.