Generali has partnered with MIT’s Laboratory for Information and Decision Systems (LIDS) to explore how Artificial Intelligence (AI) can enhance competitive advantages in the insurance sector.
The partnership between aims to apply AI to key areas of the insurance industry, including risk modelling, Property and Casualty claims assessment, and smart underwriting.
Through their research collaboration, the two organisations seek to discover new ways to integrate AI and drive growth and innovation within the sector.
Starting in January 2025, Generali and its various business units will collaborate directly with MIT’s research teams to examine how AI-based solutions can be applied to the insurance industry. This research will centre on advanced risk modelling, claims assessment for Property and Casualty, and the optimisation of smart underwriting processes.
Generali’s data experts will actively engage with MIT’s professors in dedicated working groups.
The collaboration will allow Generali to access MIT’s latest findings in AI and machine learning, with the goal of developing scalable solutions and services that can drive technological innovation and improve operational efficiency across the company’s business units.
The collaboration also aims to foster knowledge sharing across Generali’s functions and business units.
By collaborating with MIT, Generali intends to leverage AI’s potential to enhance the integration of innovative solutions in key areas, reinforcing the company’s commitment to digital transformation.
Promoting innovation and digital transformation is a key pillar of Generali’s “Lifetime Partner 24: Driving Growth” plan.
This initiative aims to develop sustainable business models, improve customer relationships, and accelerate data-driven innovation.
Generali has committed to investing €1.1bn in its digital and technological transformation from 2022 to 2024, with €443m specifically allocated to the Digital & Technology sector.
Furthermore, Generali has set aside €250m for the Generali Ventures initiative, which provides investment opportunities in the InsurTech and FinTech sectors.
This strategy underpins Generali’s focus on enhancing innovation across multiple sectors, including healthcare and consumer technologies.
Marco Sesana, Generali Group General Manager, commented: “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”.
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