Editor's note: This article originally appeared on Global Reinsurance. From chatbots that streamline how insurance is being sold directly to customers and fully automated claims processing via mobile apps, to monitoring driver behavior to inform eligibility for discounted policies, it's no secret that artificial intelligence, or AI, is a disruptive technology that is here to stay, with many use cases that can be applied to the insurance industry. The ability to reduce the need for humans to be part of an external customer interaction is a major efficiency gain, but there are also a host of less spoken about, but perhaps just as impactful, ways that machine learning (a facet of AI) is now being used to find efficiency gains within property reinsurance companies. Before we take a deeper look at an application of machine learning within reinsurance, let's first examine one of the key challenges reinsurers face. Each renewal season, the CRO, executives, and underwriting teams within any organization across the industry get together to ask the same question: What changes do we need to make to boost the performance of our portfolios? To answer this, companies often begin a lengthy process of reviewing all the deals they've written and are considering renewing to see how they could improve the portfolio.

NEWSBYTE: Enterprise technology and IT services company HPE has revealed a new product and service portfolio that it hopes will help organisations across different sectors deploy artificial intelligence (AI). The company said it wants to help businesses exploit AI by making existing business processes more efficient. "Global tech giants are investing heavily in AI, but the majority of enterprises are struggling, both with finding viable AI use cases and with building technology environments that support their AI workloads," said Beena Ammanath, global VP for artificial intelligence at HPE Pointnext. "As a result, the gap between leaders and laggards is widening." HPE Digital Prescriptive Maintenance Services, delivered by HPE Pointnext, is a product that prescribes and automates actions, with the aim of preventing industrial equipment from failing, as well as optimising productivity. It aims to capture all relevant data sources in the enterprise, including real-time and batch data from IoT devices, data centres, and the cloud.