DARAG and DGTAL have announced a three year partnership, implementing AI tool, DRILLER.
The agreement entails legacy portfolios with open claims as well as future acquisitions.
DRILLER is the first AI software that understands the content of claims documents and enables real time analysis and valuation of claims portfolios.
It will enable DARAG to assess insurance portfolios much faster and more accurately, thus delivering a competitive edge in the pricing of portfolios and in the settlement of claims.
Focusing solely on insurance and having started three years ago, DGTAL is significantly advanced in providing AI that trains and uses Long Language Models (LLMs) such as GPT at scale for the industry.
DGTAL has been established jointly by deep-tech and insurance experts.
Tom Booth, CEO, DARAG Group, said: “Combining our transaction experience with AI will cement DARAG’s leading position in the legacy market in Europe.
“It also offers potential benefits for our global operations in the future.
“DGTAL is the only relevant deep technology provider with insurance DNA, making them a natural fit for us, and we look forward to developing this partnership to the benefit of our clients.”
Arndt Gossmann, CEO of DGTAL said “Signing the first long-term agreement straight with a leader is a great validation of what we do. It is fascinating to understand the opportunities that AI creates for insurance, as it helps assess and understand the huge amounts of available information much better than ever before, leading to informed decisions. Early AI adopters are bound to capitalize the most.”
PWC have published their 2023 Q1 update of non-life insurance run-off deals.
It provides an overview of transaction activity, including a list of publicly announced deals.
11 deals announced in Q1 2023 with approximately $6.7bn of estimated gross liabilities being transacted.
Three of the deals announced comprise the transfer of more than $1bn of reserves each and approximately $4.7bn in aggregate.
Eight transactions in Q1 2023 included Lloyd’s syndicate business.
Full detail can be found here: Non-life insurance run-off deals review Q1 2023 – PwC UK
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Despite the UK Bank Holiday on Monday, Congress will be open for all delegates who have booked and would like to attend. We will be open from 10:00.
Ahead of the confirmation ticket and brochure that each delegate will receive, here is some early detail on the programme:
10:00 All meeting rooms will be open and delegates are welcome to come along to work alone or with clients. There are also private meeting rooms that can be booked, (click here) but there is plenty of free space for confidentiality to be observed.
10:30 We visit Albourne Vineyard for a tour and tasting followed by lunch. A vintage bus will collect guests from outside the hotel and leave the vineyard at 13:30. You can register here for your place (subject to places) at a cost of £30.
13:15 There will be a buffet lunch open to all.
14:30 – 16:15 A breakout considering the worldwide legal and insurance history of abuse claims. As with previous years’ sessions, this one will have limited seating and will start with a film and a Q&A, followed by a presentation and discussion of the litigation history of abuse. A good primer for anyone who has any working involvement with abuse cases.
16:30 An interview with a market expert regarding talent and leadership career paths. This will be filmed for later access.
18:00 Informal reception of drinks and canapes in the Victoria Lounge, Grand Hotel, with delegates leaving for their own dinner engagements after.
From 20:00 the Regent Room will have karaoke which will overspill into the Victoria Lounge. All are welcome.
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Congress Day 1
Monday started with breakout sessions, opening with a passionate argument for legacy claims teams, followed by an informal and informative session on asbestos. The main hall was busy when we covered both operational resilience and investor perspectives. We also welcomed a dozen delegates who arrived by bicycle from London, including former IRLA Director Simon Barnes, raising funds for IRLA’s 2022 chosen charity, the National Autistic Society (“NAS”). Total raised so far will follow. On Monday evening delegates enjoyed informal drinks, a karaoke room, and a trip up the i360 and the witnessing of a successful marriage proposal (not Congress delegates) whilst taking in the amazing view!
Congress Day 2
Tuesday commenced with an uplifting talk from our guest speaker, Mandy Hickson, who was the UK’s first female jet fighter pilot. For many this was the Congress peak and we are thinking of charging for starting a fan club. Delegates then heard the experienced views of a strong panel of CEOs before celebrating Nicola Gaisford of RQIH being presented with IRLA’s Young Professional of the Year Award. Following an eye-opening presentation on AI, and a lively regulatory discussion, the highlight of the afternoon was a very insightful, illuminating and powerful session with the NAS. The evening hosted a very successful Gala Dinner with 300 diners all being served a delicious three courses. Being by the sea, fresh fish was on the menu.
Congress Day 3
Wednesday morning we heard Stephen Roberts’s final address as Chairman of IRLA and this segued into a session from the IRLA Young Professionals Group, with informative sessions on both emerging claims trends and views on future legacy. It also featured guest speaker Dr Katherine Daniels educating us on the safe disposal of waste products from a geological perspective. Currently the UK has no dangerous nuclear waste stored, but this is an area that can come back and haunt insurers. Thank you to all who contributed to make this such a lively and collaborative event.
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