With the increasing frequency, severity, and diversity of natural disasters, global reinsurer Swiss Re is utilizing predictive analytics and artificial intelligence (AI) to assist its insurer clients in better anticipating claims and processing them quickly after a catastrophe. According to the US National Oceanic and Atmospheric Administration (NOAA), the US has faced over 360 weather and climate disasters since 1980, with costs exceeding $1 billion each, totaling more than $2. 57 trillion. Swiss Re now leverages predictive analytics, machine learning (ML), and AI to help its clients anticipate and mitigate the costs of disasters. Swiss Re's SVP and head of property solutions, Anil Vasagiri, highlights how losses in the past five years have been nearly twice as much as those in the previous five years, emphasizing the need for insurers and reinsurers to adapt to this trend. Natural catastrophes not only result in high costs for insurers but also pose operational challenges due to an overwhelming amount of claims. Swiss Re's Rapid Damage Assessment (RDA) platform integrates computer vision and modeling techniques to enable insurance clients to understand, plan, and analyze their portfolios before a disaster, monitor the impact of events in real-time, and efficiently process claims in the aftermath. RDA helps identify claims that policyholders may be unaware of, allowing insurers to provide assistance in filing claims promptly.

By identifying and addressing claims sooner, losses can be minimized. RDA utilizes various data sources and AI capabilities to facilitate faster and smarter claims decisions during different phases of a natural catastrophe event. This includes pre-event planning, post-event damage assessment using satellite and aerial imagery, and remote claims triaging and assessment to reduce expenses and ensure accurate and timely claims settlements. The RDA platform has been successfully used during Hurricane Ian in September 2022 when Swiss Re's clients optimized the deployment of adjusters, inspected properties, and extended support to affected homeowners. The platform is currently fully operational for hurricanes and tornadoes, with plans to incorporate hail and flood coverage. The successful implementation of RDA required collaboration between multiple teams with expertise in actuarial science, modeling, and data science, as well as gaining the trust and confidence of Swiss Re leadership and customers. Overall, Swiss Re's use of advanced technology and data-driven solutions helps insurers and reinsurers navigate the challenges posed by natural disasters effectively, ensuring efficient claims processing and timely support for affected policyholders.