Wholesale reinsurance provider Swiss Re and IBM announced that they are developing a range of underwriting solutions that rely on IBM Watson’s cognitive computing technologies.
As part of the initiative, Swiss Re set up a Center of Competence, where a group of data scientists will work with IBM’s cognitive computing technology to explore and deliver a wide range of use cases.
Other examples of such cognitive underwriting could follow as Swiss Re and IBM work to develop a range of solutions across various sectors of the reinsurance industry that could benefit from cognitive computing.
One of the first applications will be in Swiss Re’s Life and Health Reinsurance business unit.
“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,” said Thomas Wellauer, Swiss Re’s Group chief operating officer.
To compete successfully and profitably, insurers must identify and act on emerging trends. In addition, insurers need the ability to spot operational issues or opportunities in real time and respond proactively.
Cognitive technologies, coupled with human experience and insights, can enhance and help inform timely decision making. By applying Watson’s capabilities, the new platform could allow Swiss Re professionals to make better informed decisions and more accurately price risk.
IBM sees this project as another new industry domain for IBM’s Watson. “We are continuously looking for clients who can help us train Watson on new industries,” said Mike Rhodin, IBM Watson’s senior vice president.
Also on Thursday, IBM opened a POWER Acceleration and Design Center at U.K. government’s Science and Technology Facilities Council Hartree Centre in Daresbury.
The new facility marks a running start to the British Government’s recently announced investment and expansion of the Hartree Centre. NVIDIA and Mellanox also collaborate for the latest development.