AI takes spotlight in new insurance hackathon by Kenya Re

AI takes spotlight in new insurance hackathon by Kenya Re | Insurance Business New Zealand

Reinsurance

AI takes spotlight in new insurance hackathon by Kenya Re

University students join forces to tackle real-world insurance challenges using AI

Reinsurance

By
Mav Rodriguez

Kenya Reinsurance Corporation (Kenya Re) and the University of Nairobi have launched a collaborative initiative aimed at addressing critical challenges in the insurance sector through artificial intelligence (AI).

Nearly 100 university students with software development backgrounds are taking part in the Kenya Re AI4Insurance Hackathon 2024, with prizes including cash awards and a three-month internship at Kenya Re for the top three participants.

Specifically, the hackathon encourages participants to focus on automating and enhancing processes that have traditionally been prone to inefficiency and human error. Students are tasked with creating AI-powered tools to streamline underwriting, expedite claims settlement, and improve customer interactions through personalized service.

“We seek to bridge the AI talent gap between academia and the insurance industry to address everyday challenges in reinsurance, empower efficiency by identifying solutions that streamline operations, and develop a community of AI experts dedicated to advancing the insurance industry,” said Hillary Wachinga, Kenya Re group managing director.

This initiative aims to push forward technological advancements in Kenya’s reinsurance sector, potentially lowering costs, speeding up processes, and improving the overall experience for stakeholders.