Gordon Craig dives into the future of AI in D&F with The Insurer TV at RVS
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“AI is the future, and we want to share new ideas with our clients and learn more together. But AI are tools, and the fundamental element of our business remains the interaction between the brokers and the clients. We want to use these tools to help us invest in more frontline talent so that we remain fit for purpose.”
Gordon Craig, CEO of Howden Re Fac joined Igor Best Devereux, CEO of eReinsure to discuss the future of the facultative market in reinsurance with ongoing technological innovation like AI for The Insurer TV at RVS.
Reinsurers must manage even more data, increasingly complex risks, and volatile global conditions, all of which is driving development and adoption of AI-based tools to promote more accurate pricing, improved portfolio optimization, and to maintain a competitive edge in treaty and facultative reinsurance.
Gordon said that Howden Re is currently processing 50-60% of its fac revenues on an automated basis.
“Since the turn of the year, rates from the direct side have clearly softened significantly,” said Gordon. “That has an inevitable impact on the fac market, particularly around the D&F property and downstream energy. But this creates opportunity for fac, we’re fortunate that our underwriters and our brokers are quick to adapt and come up with new solutions and opportunities.”