AXIS and mea expand AI partnership to boost insurance efficiency

AXIS and mea expand AI partnership to boost insurance efficiency | Insurance Business Asia

Reinsurance

AXIS and mea expand AI partnership to boost insurance efficiency

GenAI to streamline submission processes and improve service delivery

Reinsurance

By
Kenneth Araullo

MEA platform has announced the renewal and expansion of its strategic partnership with global specialty re/insurance firm AXIS.

Through this partnership, AXIS plans to increase its use of MEA’s generative artificial intelligence (GenAI) to improve operational efficiency and enhance the speed and service provided to its customers.

With MEA’s GenAI-powered global platform, AXIS will streamline processes by automating key tasks in submission clearance. This will reduce the reliance on manual processes and eliminate the need for workarounds, ultimately decreasing the time and resources required to manage incoming submission flows.

AXIS had previously implemented MEA’s GenAI technology in managing new business submissions.

Steve Lord (pictured above), global chief information officer at AXIS, said that the company is focused on using artificial intelligence to improve outcomes.

“At AXIS we are focused on leveraging the transformative power of Artificial Intelligence (AI) to improve outcomes for customers, business partners, teammates, and shareholders,” Lord said. “The renewal and expansion of our partnership with MEA platform enables us to further enhance how we support our customers.”

Martin Henley, CEO of MEA platform, also expressed enthusiasm about the extended agreement with AXIS.

“This agreement reinforces our shared commitment to making innovative technologies actually work for insurers and drive meaningful long-term benefits. We remain committed to delivering transformative solutions and exceeding client expectations year on year,” Henley said.

MEA is a GenAI-powered platform designed to simplify insurance processes. The platform automates essential tasks, allowing insurers, brokers, and managing general agents (MGAs) to focus on their competitive strengths.

In a related development, Swiss Re also recently expanded its partnership with MEA, selecting the GenAI-powered platform to support its property and casualty reinsurance operations. This follows the initial collaboration between Swiss Re and MEA, which began in July 2023 when Swiss Re adopted the platform for its corporate solutions business.

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