Kenya Reinsurance Corporation (Kenya Re) and the University of Nairobi have launched the Kenya Re AI4Insurance Hackathon 2024, inviting university students to develop solutions that address real-world (re)insurance challenges.
This initiative aims at harnessing Artificial Intelligence (AI) to create innovative solutions in the following critical areas;
– Underwriting automation: where the participants will explore ways to streamline and enhance the accuracy of risk assessment processes to improve efficiency and reduce human error.
– Claims processing: where participants’ innovative solutions can significantly speed up the evaluation and settlement of claims, ensuring that customers receive timely support.
– Customer service operations: where Artificial Intelligence (AI) – driven improvements can lead to more personalized and efficient interactions, elevating the overall customer experience.
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. It also marks a significant leap forward in our industry, showcasing Kenya Re’s unwavering commitment to embracing cutting-edge technology.”
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The hackathon has brought together close to 100 students with a software development background in their 3rd or 4th 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 Corporation has been at the forefront of driving technology adoption in the Kenyan sector. The hackathon could significantly transform the way (re)insurance operates in Kenya, leading to faster turnaround times, reduced costs of doing business, and a more positive experience for all stakeholders.