AI cuts price determination time by 75% at Swiss Re

Contesto

Swiss Re CEO Andreas Berger has stated that artificial intelligence will boost work productivity to levels not seen in decades, potentially increasing efficiency by up to 80% in some business processes. In an interview with the NZZ am Sonntag, Berger explained that the reinsurance giant is redesigning its core processes from scratch using AI agents, without reducing staff. The goal is to free up time for higher-value activities such as claims management, closing new deals, and supporting customers to enhance their resilience. ## The concrete case: pricing determination in 24 hours Berger provided a practical example from the construction insurance sector. Before implementing AI, pricing a policy could take up to three weeks, involving 25 procedural steps and 14 different software applications. Thanks to AI agents, the process has been drastically simplified: employees now use fewer than five applications and can determine a price within a single working day, cutting processing time by 75%. This improvement is not an isolated case but represents a structural shift in the company’s working methods. ## Governance and human responsibility Despite the operational benefits, Berger emphasized that humans remain central to the decision-making process. According to the executive, Swiss Re carefully ensures that no critical decisions are made solely by AI. 'In the end, it’s the person who decides,' he stated, reiterating the importance of strong governance to ensure innovation is implemented responsibly. AI is used as a supportive tool, not a replacement for human expertise. 📊 Data and infrastructure risks > 'Many companies, even in the insurance sector, have fragmented IT infrastructures — a critical obstacle to AI adoption,' Berger noted. 'Data integrity and quality a...

Dettagli operativi

The introduction of AI into Swiss Re’s business processes is not just about efficiency—it also involves reallocating human resources and managing risks. For cross-border workers from Ticino who operate in similar sectors, such as financial services or insurance consulting, this innovation could represent a radical shift in their daily work routines. But what does this mean in practice for those who cross the Italy-Switzerland border every day? ## Before vs. after: what changes for employees Before AI, Swiss Re employees took weeks to determine an insurance premium, relying on manual processes that involved 25 steps and the use of 14 different software programs. Today, thanks to AI agents, the same process can be completed in less than a day, reducing complexity and the risk of errors. This not only accelerates operations but also frees up time that can be reinvested in higher-value activities, such as claims management or the development of new insurance products. 📊 Key takeaway: AI transforms time-consuming, error-prone tasks into streamlined, efficient processes. ### Implications for Ticino’s insurance sector Ticino is home to numerous insurance companies and brokerage firms operating at an international level. The adoption of AI could become a competitive advantage, pushing local businesses to implement similar solutions to keep pace with Swiss and global competitors. However, fragmented IT infrastructures remain a significant obstacle, particularly for smaller companies. 'Data integrity and quality are fundamental,' Berger noted, emphasizing that without a robust IT system, AI risks becoming an additional cost rather than an opportunity. ⚠️ Challenge: Smaller firms in Ticino may struggle to adopt AI due to outdated systems and limited resources. ### Sce...

Punti chiave

If you're a Swiss Re collaborator or work in the insurance sector in Ticino and want to understand how AI could impact your job, here’s what to do today to prepare for change, step by step. ### Step 1: Assess the current state of processes 1. Analyze your existing processes: identify procedures that are time-consuming and prone to errors. For example, insurance pricing or claims management. 2. Document each step: create a detailed map of the 25 steps required before AI implementation, as described by Berger. This will help you pinpoint where AI can deliver the greatest benefits. 3. Engage your colleagues: discuss with team members to understand specific pain points and needs. AI adoption should be driven by real needs, not technological hype. ### Step 2: Verify data quality 1. Data cleaning: ensure data is complete, up-to-date, and free of duplicates. Swiss Re has emphasized that data integrity is critical for AI effectiveness. 2. Data structuring: create a centralized system to store data consistently. This may require adopting new software or upgrading existing tools. 3. Reliability testing: run simulations to confirm data is robust enough for AI. If results are unsatisfactory, invest in training or analytics tools to improve data quality. ### Step 3: Build key skills 1. Basic AI courses: attend webinars, workshops, or online courses on artificial intelligence, machine learning, and data management. SUPSI and USI offer updated training programs that may be useful. 2. Soft skills: develop problem-solving and project management abilities, essential for integrating AI into business processes. 3. Collaborate with experts: if your company lacks a specialized IT department, consider partnering with external consultants or adopting turnkey solutions. ### Step 4: Adopt...

Punti chiave

[{"q":"What productivity increase has Swiss Re reported thanks to AI?","a":"According to CEO Andreas Berger, the integration of AI agents into business processes has led to a productivity increase of up to 80% in certain departments, such as determining insurance premiums for construction."},{"q":"How much time is saved with AI in premium determination?","a":"Before AI, determining a premium could take up to three weeks. Today, thanks to AI agents, the same process can be completed in less than a day, reducing the time by 75%."},{"q":"Will AI replace jobs in the insurance sector?","a":"No, according to Berger, the goal is not to reduce staff but to free up human resources for higher-value activities, such as claims management or closing new business deals."},{"q":"Will Swiss Re collaborate with the public sector to cover cyber risks?","a":"Yes, Berger confirmed that Swiss Re is in discussions with authorities to expand insurance coverage in the event of cyber damage, though no details have been provided regarding timelines or methods."},{"q":"What are the main obstacles to AI adoption according to Swiss Re’s CEO?","a":"Berger highlighted two key challenges: the fragmentation of IT infrastructure and data quality. Without reliable data and cohesive IT systems, AI risks creating only complexity and additional costs."}]

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