Kenya Reinsurance Corporation (Kenya Re) and the University of Nairobi have launched the Kenya Re AI4Insurance Hackathon 2024, where students will develop solutions that address real-world (re)insurance challenges.
This initiative aims at harnessing Artificial Intelligence (AI) to create innovative solutions in a number of key areas. In underwriting automation, the participants will explore ways to streamline and enhance the accuracy of risk assessment processes to improve efficiency and reduce human error.
Under Claims processing, the students’ innovative solutions can significantly speed up the evaluation and settlement of claims, ensuring that customers receive timely support.
Customer service operations will also be a focus area, where Artificial Intelligence (AI) driven improvements can lead to more personalised and efficient interactions, elevating the overall customer experience.
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Speaking during the hackathon themed, ‘Reimagining (re)insurance with Artificial Intelligence for operational efficiency’, Kenya Re Group Managing Director Dr Hillary Wachinga said: “We seek to bridge (AI) talent gap between academia and 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.”
The hackathon has brought together close to 100 students with a software development background in their third or fourth year of studies in multiple Kenyan universities. Prizes for the three overall winners include cash prizes and a three-month internship opportunity in Kenya Re.
The hackathon could significantly transform the way (re)insurance operates in Kenya, leading to faster turnaround times, reduced cost of doing business, and a more positive experience for all stakeholders.
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