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Generali has entered into a research collaboration with the Massachusetts Institute of Technology (MIT) to explore the potential of AI in providing “competitive advantages” to the insurance sector.
The partnership will focus on the practical applications of AI in crucial business areas such as risk modelling, claims assessment and smart underwriting, starting in January 2025.
It particularly involves MIT’s laboratory for information and decision systems.
The alliance will see Generali's data professionals working closely with MIT researchers, aiming to develop innovative services and scalable solutions while tapping the latest AI and machine learning data.
This initiative is part of Generali's Lifetime Partner 24: Driving Growth plan, which emphasises digital transformation as one of its three pillars.
Generali has committed resources to digital and technological advancements, with investments of €1.1bn ($1.15bn) over the three-year period 2022–24.
Of this amount, €443m is allocated to the digital and technology area.
Furthermore, Generali has earmarked €250m for Generali Ventures to invest in insurtech and fintech.
Generali Group general manager Marco Sesana said: “Artificial Intelligence will continue to play an increasingly important role in our sector in the coming years and the collaboration with MIT will allow us to seize this potential, researching applications that may strengthen the integration of AI.
“Working together with the research team of the university, globally renowned for its approach in applied technology, we will continue to focus on the most advanced strategic skills for our Group's next phase of growth".
Recently, Generali signed a non-binding memorandum of understanding with French banking group BPCE to integrate its asset management operations.
A joint venture was formed between Generali Investments Holding and BPCE's Natixis Investment Managers, which will be equally owned by the two parties.
"Generali partners with MIT to explore AI in insurance " was originally created and published by Life Insurance International, a GlobalData owned brand.
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